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

Shares of SKYX Platforms Corp. (NASDAQ:SKYX) have earned an average rating of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $4.6667.

A number of equities research analysts have commented on the stock. Wall Street Zen cut shares of SKYX Platforms from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. Lake Street Capital dropped their price objective on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Friday, July 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYX. Susquehanna International Group LLP grew its stake in SKYX Platforms by 572.2% in the second quarter. Susquehanna International Group LLP now owns 347,746 shares of the company’s stock valued at $384,000 after acquiring an additional 296,014 shares during the period. Corient Private Wealth LP acquired a new position in shares of SKYX Platforms during the second quarter worth approximately $778,000. Bank of America Corp DE acquired a new position in shares of SKYX Platforms during the second quarter worth approximately $50,000. Hsbc Holdings PLC bought a new position in shares of SKYX Platforms in the 2nd quarter worth $30,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of SKYX Platforms in the 2nd quarter worth $853,000. Institutional investors own 11.79% of the company’s stock.

SKYX Platforms Stock Performance

Shares of SKYX stock opened at $1.25 on Thursday. The firm has a 50 day moving average of $1.14 and a 200-day moving average of $1.33. The company has a market cap of $169.29 million, a price-to-earnings ratio of -4.63 and a beta of -3,492.86. The company has a quick ratio of 1.28, a current ratio of 1.46 and a debt-to-equity ratio of 2.60. SKYX Platforms has a 52 week low of $0.95 and a 52 week high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last released its 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 company had revenue of $25.27 million for the quarter, compared to the consensus estimate of $24.07 million. On average, equities analysts forecast that SKYX Platforms will post -0.22 earnings per share for the current year.

SKYX Platforms Company Profile

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.