FY2029 EPS Forecast for SKYX Platforms Cut by Analyst

Key Points

• Litchfield Hills Research lowered SKYX Platforms’ FY2029 EPS forecast to $0.11 from $0.13, while projecting FY2030 EPS of $0.14. The company’s current-year consensus EPS remains negative at $0.22.
• Analyst sentiment is mixed: SKYX has a consensus rating of “Moderate Buy” and an average price target of $4.50, despite a recent target-price cut to $4.00 and multiple sell ratings.
• SKYX shares opened at $0.84, near their 52-week low of $0.83, after the company reported a quarterly loss of $0.06 per share that missed estimates, though quarterly revenue exceeded forecasts.

SKYX Platforms Corp. (NASDAQ:SKYX - Free Report) - Equities researchers at Litchfield Hills Research decreased their FY2029 earnings per share (EPS) estimates for shares of SKYX Platforms in a research note issued to investors on Thursday, October 22nd. Litchfield Hills Research analyst B. Sine now anticipates that the company will earn $0.11 per share for the year, down from their prior forecast of $0.13. The consensus estimate for SKYX Platforms' current full-year earnings is ($0.22) per share. Litchfield Hills Research also issued estimates for SKYX Platforms' FY2030 earnings at $0.14 EPS.

Several other equities analysts have also issued reports on the company. Lake Street Capital decreased their target price on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Wall Street Zen cut SKYX Platforms from a "hold" rating to a "sell" rating in a research note on Saturday, October 17th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, SKYX Platforms has a consensus rating of "Moderate Buy" and an average price target of $4.50.

SKYX Platforms Stock Performance

NASDAQ:SKYX opened at $0.84 on Monday. SKYX Platforms has a 1-year low of $0.83 and a 1-year high of $3.29. The business's 50-day moving average price is $1.18 and its two-hundred day moving average price is $1.15. 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 firm has a market capitalization of $116.03 million, a price-to-earnings ratio of -3.11 and a beta of -3,645.11.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $25.27 million during the quarter, compared to analyst estimates of $24.07 million.

Hedge Funds Weigh In On SKYX Platforms

Hedge funds and other institutional investors have recently made changes to their positions in the company. Baxter Bros Inc. bought a new stake in shares of SKYX Platforms in the 2nd quarter valued at $25,000. Hsbc Holdings PLC acquired a new stake in SKYX Platforms during the 2nd quarter worth $30,000. Bank of America Corp DE acquired a new stake in SKYX Platforms during the 2nd quarter worth $50,000. Arrowstreet Capital Limited Partnership bought a new position in SKYX Platforms during the first quarter worth about $80,000. Finally, North Star Investment Management Corp. bought a new position in SKYX Platforms during the first quarter worth about $90,000. 11.79% of the stock is owned by 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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