SKYX Platforms Corp. (NASDAQ:SKYX) Receives Consensus Rating of “Hold” from Analysts

SKYX Platforms Corp. (NASDAQ:SKYX) has been assigned a consensus recommendation of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $5.00.

Several brokerages have weighed in on SKYX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a research note on Tuesday, April 21st. Wall Street Zen cut shares of SKYX Platforms from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. Lake Street Capital began coverage on SKYX Platforms in a report on Thursday, March 5th. They set a “buy” rating and a $5.00 price objective on the stock. Finally, Roth Mkm reissued a “buy” rating and set a $5.00 target price (up from $4.25) on shares of SKYX Platforms in a research note on Thursday, January 22nd.

SKYX Platforms Trading Up 6.9%

Shares of NASDAQ SKYX opened at $1.08 on Friday. The company has a market cap of $143.94 million, a price-to-earnings ratio of -3.48 and a beta of -3,706.21. SKYX Platforms has a 12-month low of $0.96 and a 12-month high of $3.29. The stock’s 50 day simple moving average is $1.49 and its 200 day simple moving average is $1.86.

SKYX Platforms (NASDAQ:SKYX) last announced its quarterly earnings results on Thursday, March 26th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $24.94 million for the quarter, compared to the consensus estimate of $25.12 million. As a group, equities analysts forecast that SKYX Platforms will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of SKYX Platforms

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in shares of SKYX Platforms by 685.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 264,724 shares of the company’s stock worth $302,000 after purchasing an additional 231,000 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of SKYX Platforms by 258.5% in the first quarter. Jane Street Group LLC now owns 190,265 shares of the company’s stock worth $217,000 after buying an additional 137,193 shares during the last quarter. Geode Capital Management LLC boosted its holdings in SKYX Platforms by 96.9% during the second quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company’s stock valued at $1,527,000 after acquiring an additional 718,712 shares during the period. New York State Common Retirement Fund bought a new stake in SKYX Platforms during the 2nd quarter valued at approximately $82,000. Finally, Invesco Ltd. bought a new stake in shares of SKYX Platforms in the second quarter valued at approximately $34,000. 11.79% of the stock is currently owned by hedge funds and other institutional investors.

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.