SKYX Platforms (NASDAQ:SKYX) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of SKYX Platforms (NASDAQ:SKYX) from a hold rating to a sell rating in a research report released on Saturday morning,Wall Street Zen reports.

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

SKYX Platforms Stock Up 2.3%

Shares of NASDAQ:SKYX opened at $0.98 on Friday. The business’s 50-day moving average is $1.20 and its 200 day moving average is $1.15. SKYX Platforms has a 1 year low of $0.94 and a 1 year high of $3.29. 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 (NASDAQ:SKYX) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.06) 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 the consensus estimate of $24.07 million. On average, analysts anticipate that SKYX Platforms will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SKYX Platforms

Large investors have recently made changes to their positions in the stock. Byrne Asset Management LLC lifted its stake in SKYX Platforms by 7.2% during the 3rd quarter. Byrne Asset Management LLC now owns 153,100 shares of the company’s stock valued at $175,000 after acquiring an additional 10,300 shares during the period. Baxter Bros Inc. purchased a new stake in shares of SKYX Platforms in the 2nd quarter valued at $25,000. Bank of America Corp DE boosted its holdings in shares of SKYX Platforms by 48.6% in the 1st quarter. Bank of America Corp DE now owns 71,465 shares of the company’s stock valued at $80,000 after acquiring an additional 23,360 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of SKYX Platforms in the 2nd quarter valued at $30,000. Finally, Bank of New York Mellon Corp increased its stake in shares of SKYX Platforms by 22.5% in the first quarter. Bank of New York Mellon Corp now owns 175,683 shares of the company’s stock worth $197,000 after acquiring an additional 32,212 shares during the period. 11.79% of the stock is owned by hedge funds and other institutional investors.

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.