SKYX Platforms (NASDAQ:SKYX) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded SKYX Platforms to “Hold” from “Sell,” while analysts’ consensus remains “Moderate Buy” with a $4.67 target price.
• SKYX shares opened at $1.23, near their 50-day and 200-day averages, and have traded between $0.95 and $3.29 over the past year.
• The company posted quarterly revenue of $25.27 million, exceeding estimates, but reported an EPS loss of $0.06 that missed expectations; institutional investors own 11.79% of the stock.

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

Other equities analysts have also issued research reports about the stock. Lake Street Capital dropped their target price on shares of SKYX Platforms from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4.67.

SKYX Platforms Stock Performance

NASDAQ:SKYX opened at $1.23 on Friday. The company has a market capitalization of $166.58 million, a PE ratio of -4.56 and a beta of -3,491.36. The company has a 50 day simple moving average of $1.23 and a two-hundred day simple moving average of $1.22. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.28 and a current ratio of 1.46. SKYX Platforms has a fifty-two week low of $0.95 and a fifty-two week high of $3.29.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The firm had revenue of $25.27 million for the quarter, compared to analysts' expectations of $24.07 million. Research analysts anticipate that SKYX Platforms will post -0.22 earnings per share for the current year.

Institutional Trading of SKYX Platforms

Several large investors have recently modified their holdings of the stock. Corient Private Wealth LP lifted its position in shares of SKYX Platforms by 66.0% during the 2nd quarter. Corient Private Wealth LP now owns 709,549 shares of the company's stock valued at $784,000 after acquiring an additional 282,149 shares during the period. Susquehanna International Group LLP grew its holdings in SKYX Platforms by 572.2% in the second quarter. Susquehanna International Group LLP now owns 347,746 shares of the company's stock worth $384,000 after purchasing an additional 296,014 shares during the period. Bank of America Corp DE bought a new stake in SKYX Platforms in the second quarter valued at $50,000. Hsbc Holdings PLC bought a new stake in SKYX Platforms in the second quarter valued at $30,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of SKYX Platforms during the second quarter valued at about $853,000. Institutional investors and hedge funds own 11.79% of the company's stock.

About SKYX Platforms

SKYX Platforms Corp. is a technology company focused on advancing smart-home and building technology through its “Smart Home” and “Smart Platform” product offerings. The company develops plug-and-play electrical and smart-home solutions designed to improve the installation, connectivity, functionality and safety of lighting fixtures and other ceiling-based devices.

Its product portfolio includes smart ceiling receptacles, smart platforms, lighting products and related technologies intended to simplify the installation of smart lighting and enable additional connected-home features.

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