SKYX Platforms Corp. (NASDAQ:SKYX) Stock Has Consensus Price Target of $4.67 According to Analysts

Key Points

• Analysts hold a “Moderate Buy” consensus on SKYX Platforms, with three buy ratings, one strong-buy rating and one sell rating. The average 12-month price target is $4.67, although Lake Street Capital recently lowered its target to $4.00.
• SKYX shares opened at $1.01, 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, while revenue of $25.27 million exceeded forecasts.
• Institutional investors have recently built positions in SKYX, including BlackRock, Kanen Wealth Management and Renaissance Technologies; institutional ownership stands at 11.79%.

SKYX Platforms Corp. (NASDAQ:SKYX - Get Free Report) has earned a consensus rating of "Moderate Buy" from the five research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $4.67.

SKYX has been the topic of several recent analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a report on Friday, July 17th. Wall Street Zen upgraded SKYX Platforms from a "sell" rating to a "hold" rating in a report on Saturday, September 26th. Finally, Lake Street Capital dropped their price objective on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating for the company in a report on Thursday, August 13th.

SKYX Platforms Stock Performance

SKYX Platforms stock opened at $1.01 on Friday. 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 has a 1-year low of $0.95 and a 1-year high of $3.29. The firm has a market capitalization of $136.79 million, a P/E ratio of -3.74 and a beta of -3,645.11. The company's 50-day moving average is $1.21 and its 200 day moving average is $1.16.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $24.07 million. Research analysts forecast that SKYX Platforms will post -0.22 EPS for the current year.

Institutional Trading of SKYX Platforms

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of SKYX Platforms during the second quarter valued at $1,100,000. Kanen Wealth Management LLC purchased a new position in SKYX Platforms in the 1st quarter worth about $1,288,000. Renaissance Technologies LLC increased its stake in SKYX Platforms by 243.9% in the 1st 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 during the period. Allied Private Wealth LLC purchased a new position in SKYX Platforms in the 2nd quarter worth about $1,326,000. Finally, Corient Private Wealth LP bought a new stake in SKYX Platforms during the 2nd quarter valued at about $778,000. Hedge funds and other institutional investors own 11.79% of the company's stock.

About SKYX Platforms

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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