SKYX Platforms (NASDAQ:SKYX) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of SKYX Platforms (NASDAQ:SKYX) from a hold rating to a sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

SKYX has been the topic of a number of other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday. Lake Street Capital decreased their price target on SKYX Platforms from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.50.

SKYX Platforms Price Performance

Shares of NASDAQ SKYX opened at $0.96 on Friday. SKYX Platforms has a fifty-two week low of $0.95 and a fifty-two week high of $3.29. The stock has a market cap of $132.59 million, a price-to-earnings ratio of -3.56 and a beta of -3,645.11. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.28 and a current ratio of 1.46. The firm’s 50-day simple moving average is $1.21 and its 200 day simple moving average is $1.15.

SKYX Platforms (NASDAQ:SKYX) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $25.27 million during the quarter, compared to analyst estimates of $24.07 million. As a group, research analysts anticipate that SKYX Platforms will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of SKYX Platforms

Several institutional investors and hedge funds have recently made changes to their positions in SKYX. BlackRock Inc. purchased a new position in SKYX Platforms during the second quarter worth about $1,100,000. Kanen Wealth Management LLC purchased a new position in shares of SKYX Platforms in the 1st quarter worth approximately $1,288,000. Renaissance Technologies LLC boosted its stake in shares of SKYX Platforms by 243.9% in the 1st quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock worth $1,368,000 after buying an additional 866,287 shares during the last quarter. Allied Private Wealth LLC bought a new position in shares of SKYX Platforms in the second quarter valued at approximately $1,326,000. Finally, Corient Private Wealth LP bought a new position in shares of SKYX Platforms in the second quarter valued at approximately $778,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Company Profile

SKYX Platforms Corp. is a technology company focused on making residential and commercial properties smarter, safer and more connected. Its platform is designed to simplify the installation and use of smart-home technology by integrating connectivity and automation capabilities into common electrical and lighting products.

The company develops and markets products such as smart ceiling fans, lighting fixtures, electrical wiring devices, switches, receptacles, plugs and related smart-home solutions.