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

Key Points

• Wall Street Zen downgraded SKYX Platforms from “Hold” to “Sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $4.50.
• SKYX shares opened at $0.96, near their 52-week low of $0.95 and well below the 52-week high of $3.29. The company reported a quarterly loss of $0.06 per share, missing estimates by $0.01, despite revenue exceeding expectations.
• Institutional ownership increased, with several investors—including Renaissance Technologies, BlackRock and Allied Private Wealth—adding or initiating positions; institutions collectively own 11.79% of the stock.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the stock. Lake Street Capital decreased their price target 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. Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4.50.

SKYX Platforms Stock Performance

SKYX Platforms stock opened at $0.96 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.28 and a debt-to-equity ratio of 2.60. SKYX Platforms has a one year low of $0.95 and a one year high of $3.29. The stock has a fifty day moving average of $1.21 and a 200 day moving average of $1.15.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last announced its earnings results 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 analyst estimates of $24.07 million. Analysts forecast that SKYX Platforms will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its stake in shares of 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 acquiring an additional 866,287 shares during the period. Allied Private Wealth LLC bought a new stake in SKYX Platforms during the 2nd quarter worth approximately $1,326,000. Kanen Wealth Management LLC bought a new stake in SKYX Platforms during the 1st quarter worth approximately $1,288,000. BlackRock Inc. purchased a new position in SKYX Platforms during the second quarter valued at approximately $1,100,000. Finally, Clear Harbor Asset Management LLC purchased a new position in SKYX Platforms during the second quarter valued at approximately $853,000. 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.

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