SKYX Platforms Corp. (NASDAQ:SKYX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

SKYX Platforms Corp. (NASDAQ:SKYX) has received an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $4.6667.

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

Institutional Investors Weigh In On SKYX Platforms

Several hedge funds and other institutional investors have recently made changes to their positions in SKYX. Vanguard Group Inc. lifted its stake in shares of SKYX Platforms by 7.6% during the third quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company’s stock valued at $3,726,000 after acquiring an additional 235,625 shares during the period. Geode Capital Management LLC raised its holdings in SKYX Platforms by 14.8% during the 4th quarter. Geode Capital Management LLC now owns 1,742,309 shares of the company’s stock worth $3,782,000 after purchasing an additional 224,297 shares during the last quarter. Renaissance Technologies LLC lifted its position in SKYX Platforms by 243.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock valued at $1,368,000 after purchasing an additional 866,287 shares during the period. Kanen Wealth Management LLC acquired a new position in SKYX Platforms during the 1st quarter valued at about $1,288,000. Finally, Allied Private Wealth LLC bought a new position in shares of SKYX Platforms in the 2nd quarter valued at about $1,326,000. 11.79% of the stock is owned by institutional investors and hedge funds.

SKYX Platforms Trading Up 1.6%

SKYX stock opened at $1.28 on Thursday. The business has a fifty day moving average price of $1.16 and a 200 day moving average price of $1.30. SKYX Platforms has a fifty-two week low of $0.95 and a fifty-two week high of $3.29. The stock has a market capitalization of $173.35 million, a price-to-earnings ratio of -4.74 and a beta of -3,490.82. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.46 and a quick ratio of 1.28.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $25.27 million during the quarter, compared to analysts’ expectations of $24.07 million. Analysts expect that SKYX Platforms will post -0.22 EPS for the current fiscal year.

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.