Kanen Wealth Management LLC Acquires Shares of 1,150,121 SKYX Platforms Corp. $SKYX

Kanen Wealth Management LLC acquired a new stake in SKYX Platforms Corp. (NASDAQ:SKYX) during the first quarter, Holdings Channel.com reports. The firm acquired 1,150,121 shares of the company’s stock, valued at approximately $1,288,000. SKYX Platforms accounts for approximately 0.5% of Kanen Wealth Management LLC’s portfolio, making the stock its 26th largest holding.

Several other institutional investors have also modified their holdings of SKYX. Arrowstreet Capital Limited Partnership acquired a new position in shares of SKYX Platforms during the first quarter worth $80,000. Bank of New York Mellon Corp increased its holdings in 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 valued at $197,000 after buying an additional 32,212 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in SKYX Platforms in the first quarter valued at $90,000. Vise Technologies Inc. acquired a new stake in SKYX Platforms in the fourth quarter valued at $35,000. Finally, JPMorgan Chase & Co. lifted its holdings in SKYX Platforms by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after buying an additional 9,647 shares during the last quarter. 11.79% of the stock is owned by hedge funds and other institutional investors.

SKYX Platforms Trading Down 0.9%

NASDAQ SKYX opened at $1.15 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.70 and a quick ratio of 1.55. The firm’s fifty day moving average price is $1.12 and its 200 day moving average price is $1.52. The company has a market capitalization of $154.65 million, a price-to-earnings ratio of -3.97 and a beta of -3,527.10. SKYX Platforms Corp. has a 12 month low of $0.95 and a 12 month high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The firm had revenue of $22.09 million for the quarter, compared to analysts’ expectations of $21.98 million. On average, sell-side analysts expect that SKYX Platforms Corp. will post -0.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen cut SKYX Platforms from a “hold” rating to a “sell” rating in a research report on Saturday, June 20th. Noble Financial raised 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. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

SKYX Platforms 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.