SKYX Platforms Corp. (NASDAQ:SKYX) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on SKYX Platforms, with three buy ratings, one strong buy and one sell; the average 12-month price target is $4.67.
• SKYX shares opened at $1.27, within a 12-month range of $0.95 to $3.29. The company reported quarterly revenue of $25.27 million, above estimates, but its $0.06 per-share loss was wider than expected.
• Institutional ownership stands at 11.79%, with several funds—including BlackRock, Renaissance Technologies and Kanen Wealth Management—recently acquiring or increasing positions.

SKYX Platforms Corp. (NASDAQ:SKYX - Get Free Report) has received an average recommendation of "Moderate Buy" from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $4.6667.

Several equities analysts recently issued reports on SKYX shares. Wall Street Zen lowered SKYX Platforms from a "hold" rating to a "sell" rating in a research report on Saturday, June 20th. 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. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SKYX Platforms in a research note on Friday, July 17th.

SKYX Platforms Stock Performance

Shares of SKYX Platforms stock opened at $1.27 on Monday. The stock's fifty day simple moving average is $1.22 and its 200 day simple moving average is $1.24. The company has a current ratio of 1.46, a quick ratio of 1.28 and a debt-to-equity ratio of 2.60. The company has a market capitalization of $172.00 million, a PE ratio of -4.70 and a beta of -3,491.36. SKYX Platforms has a 12 month low of $0.95 and a 12 month high of $3.29.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last posted 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 business had revenue of $25.27 million during the quarter, compared to analysts' expectations of $24.07 million. On average, research analysts predict that SKYX Platforms will post -0.22 EPS for the current year.

Institutional Investors Weigh In On SKYX Platforms

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYX. Kanen Wealth Management LLC acquired a new stake in shares of SKYX Platforms in the 1st quarter valued at about $1,288,000. Allied Private Wealth LLC acquired a new position in shares of SKYX Platforms during the second quarter worth about $1,326,000. BlackRock Inc. acquired a new position in shares of SKYX Platforms during the second quarter worth about $1,100,000. Renaissance Technologies LLC grew its holdings in shares of SKYX Platforms by 243.9% during the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company's stock worth $1,368,000 after buying an additional 866,287 shares in the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in shares of SKYX Platforms during the second quarter worth about $853,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

SKYX Platforms Company Profile

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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