SKYX Platforms Corp. (NASDAQ:SKYX) Receives Average Recommendation of “Moderate Buy” from Brokerages

SKYX Platforms Corp. (NASDAQ:SKYX) has earned a consensus rating of “Moderate Buy” from the six research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $5.00.

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Friday, July 17th. Wall Street Zen downgraded SKYX Platforms from a “hold” rating to a “sell” rating in a research report on Saturday, June 20th. Finally, Noble Financial raised SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th.

Institutional Trading of SKYX Platforms

Several institutional investors and hedge funds have recently modified their holdings of SKYX. Kanen Wealth Management LLC purchased a new stake in SKYX Platforms in the first quarter valued at approximately $1,288,000. Bank of New York Mellon Corp grew its stake in SKYX Platforms by 22.5% in the 1st quarter. Bank of New York Mellon Corp now owns 175,683 shares of the company’s stock worth $197,000 after buying an additional 32,212 shares in the last quarter. Renaissance Technologies LLC grew its stake in 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 in the last quarter. Allied Private Wealth LLC bought a new position in shares of SKYX Platforms in the 2nd quarter worth $1,326,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of SKYX Platforms during the 1st quarter valued at $80,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Price Performance

SKYX stock opened at $1.09 on Friday. The firm has a 50 day moving average of $1.11 and a 200-day moving average of $1.50. The firm has a market capitalization of $146.58 million, a P/E ratio of -3.76 and a beta of -3,527.10. SKYX Platforms has a 12 month low of $0.95 and a 12 month high of $3.29. The company has a current ratio of 1.70, a quick ratio of 1.55 and a debt-to-equity ratio of 1.37.

SKYX Platforms (NASDAQ:SKYX) last posted its earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). The firm had revenue of $22.09 million for the quarter, compared to the consensus estimate of $21.98 million. As a group, sell-side analysts predict that SKYX Platforms will post -0.22 earnings per share for the current fiscal year.

About SKYX Platforms

SKYX Platforms (NASDAQ:SKYX) provides comprehensive maintenance, repair and overhaul (MRO) services and operational support for commercial unmanned aerial systems (UAS). Through its digital platform, the company streamlines the booking, tracking and management of drone maintenance events, ensuring that operators maintain compliance with aviation regulations and industry best practices. SKYX Platforms’ offering is designed to reduce downtime, improve safety and extend the service life of UAS fleets across a wide range of applications.

The company’s service portfolio includes scheduled and unscheduled maintenance, component repair, spare parts provisioning, firmware and software updates, and field support.