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 brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $5.00.

Several equities research analysts recently weighed in on SKYX shares. Wall Street Zen downgraded SKYX Platforms from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. Noble Financial raised SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a report on Tuesday, April 21st.

SKYX Platforms Stock Performance

NASDAQ SKYX opened at $1.04 on Wednesday. The firm’s 50 day simple moving average is $1.10 and its 200 day simple moving average is $1.63. The firm has a market capitalization of $139.86 million, a price-to-earnings ratio of -3.59 and a beta of -3,527.10. 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 has a 1 year low of $0.95 and a 1 year high of $3.29.

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

Hedge Funds Weigh In On SKYX Platforms

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its stake in shares of SKYX Platforms by 685.0% in the first 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 during the last quarter. Jane Street Group LLC raised its position in SKYX Platforms by 258.5% during the 1st quarter. Jane Street Group LLC now owns 190,265 shares of the company’s stock worth $217,000 after purchasing an additional 137,193 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SKYX Platforms by 96.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company’s stock worth $1,527,000 after buying an additional 718,712 shares during the period. New York State Common Retirement Fund acquired a new position in SKYX Platforms during the 2nd quarter worth about $82,000. Finally, Invesco Ltd. acquired a new position in SKYX Platforms during the 2nd quarter worth about $34,000. Institutional investors own 11.79% of the company’s stock.

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.