SKYX Platforms (NASDAQ:SKYX) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded SKYX Platforms from “hold” to “sell.” Despite the downgrade, MarketBeat’s analyst consensus remains “Moderate Buy,” with an average price target of $4.50.
• SKYX’s latest quarter came in mixed: it reported a loss of $0.06 per share, missing estimates by $0.01, while revenue of $25.27 million topped expectations.
• The stock opened at $0.73, near its 52-week low of $0.67 and well below its 52-week high of $3.29.

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 report issued on Sunday, Wall Street Zen reports.

SKYX has been the subject of several other research reports. Lake Street Capital cut their price target on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SKYX Platforms in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $4.50.

SKYX Platforms Trading Up 6.8%

Shares of SKYX Platforms stock opened at $0.73 on Friday. SKYX Platforms has a 1-year low of $0.67 and a 1-year high of $3.29. The company's fifty day simple moving average is $1.09 and its 200-day simple moving average is $1.34. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.46 and a quick ratio of 1.28. The stock has a market capitalization of $100.47 million, a PE ratio of -2.69 and a beta of -3,623.05.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $25.27 million during the quarter, compared to analysts' expectations of $24.07 million. As a group, equities analysts anticipate that SKYX Platforms will post -0.21 earnings per share for the current year.

Institutional Trading of SKYX Platforms

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in SKYX Platforms during the second quarter valued at about $1,100,000. Kanen Wealth Management LLC purchased a new position in shares of SKYX Platforms in the first quarter valued at about $1,288,000. Renaissance Technologies LLC lifted its position in shares of SKYX Platforms by 243.9% in the first 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 in the last quarter. Allied Private Wealth LLC bought a new position in shares of SKYX Platforms in the second quarter worth about $1,326,000. Finally, Corient Private Wealth LP bought a new position in shares of SKYX Platforms in the second quarter worth about $778,000. 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 smart-home and smart-building solutions designed to make residential and commercial spaces safer, more connected and easier to automate. Its products are intended to simplify the installation and use of connected electrical and lighting systems, particularly in new construction and renovation projects.

The company develops and markets products such as smart plug-and-play electrical receptacles, ceiling outlet and lighting platforms, smart switches, fixtures and related technologies.

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