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

Key Points

• Wall Street Zen upgraded SKYX Platforms from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $4.50.
• SKYX shares opened at $0.78, near their one-year low of $0.75 and well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.06 per share, missing estimates, despite revenue exceeding expectations.
• Institutional investors own 11.79% of SKYX, with several firms initiating positions or increasing holdings during recent quarters.

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

Several other analysts have also issued reports on SKYX. Weiss Ratings restated a "sell (e+)" rating on shares of SKYX Platforms in a research note on Thursday, October 15th. Lake Street Capital reduced their target price on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4.50.

SKYX Platforms Trading Up 0.3%

Shares of SKYX opened at $0.78 on Friday. The firm has a 50-day moving average of $1.14 and a 200-day moving average of $1.39. SKYX Platforms has a one year low of $0.75 and a one year high of $3.29. 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 - Get Free Report) last issued its 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 the consensus estimate of $24.07 million. Sell-side analysts anticipate that SKYX Platforms will post -0.21 earnings per share for the current year.

Institutional Trading of SKYX Platforms

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Baxter Bros Inc. acquired a new stake in SKYX Platforms during the 2nd quarter worth approximately $25,000. Hsbc Holdings PLC bought a new stake in SKYX Platforms in the 2nd quarter valued at $30,000. Bank of America Corp DE acquired a new position in SKYX Platforms in the 2nd quarter valued at $50,000. Arrowstreet Capital Limited Partnership acquired a new position in SKYX Platforms in the 1st quarter valued at $80,000. Finally, Byrne Asset Management LLC grew its holdings in SKYX Platforms by 34.7% in the 2nd quarter. Byrne Asset Management LLC now owns 142,800 shares of the company's stock valued at $159,000 after buying an additional 36,800 shares in the last quarter. Institutional investors own 11.79% of the company's stock.

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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