Alyeska Investment Group L.P. Cuts Holdings in SKYX Platforms Corp. $SKYX

Key Points

• Alyeska Investment Group cut its SKYX Platforms position by 79.8% in the second quarter, selling 6.13 million shares and retaining 1.56 million shares worth about $1.72 million. Institutional investors overall own 11.79% of the company.
• Analyst views are mixed, but MarketBeat reports a consensus rating of “Moderate Buy” with a $4.67 target price. Ratings range from Strong Buy and Buy to Hold and Sell.
• SKYX shares were trading around $1.26, down 6%, with a market capitalization of approximately $170.6 million. The company’s latest quarterly loss of $0.06 per share missed estimates, although revenue of $25.27 million exceeded expectations.

Alyeska Investment Group L.P. cut its holdings in SKYX Platforms Corp. (NASDAQ:SKYX - Free Report) by 79.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,555,509 shares of the company's stock after selling 6,133,441 shares during the quarter. Alyeska Investment Group L.P. owned 1.15% of SKYX Platforms worth $1,719,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SKYX. Vanguard Group Inc. lifted its holdings in SKYX Platforms by 7.6% in the third quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company's stock valued at $3,726,000 after acquiring an additional 235,625 shares during the period. Geode Capital Management LLC lifted its stake in shares of SKYX Platforms by 14.8% in the fourth quarter. Geode Capital Management LLC now owns 1,742,309 shares of the company's stock valued at $3,782,000 after purchasing an additional 224,297 shares during the period. Renaissance Technologies LLC grew its position in 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 during the period. Kanen Wealth Management LLC purchased a new position in SKYX Platforms in the first quarter valued at about $1,288,000. Finally, Allied Private Wealth LLC purchased a new position in SKYX Platforms in the second quarter valued at about $1,326,000. Hedge funds and other institutional investors own 11.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SKYX shares. Weiss Ratings restated a "sell (e+)" rating on shares of SKYX Platforms in a report on Friday, July 17th. Wall Street Zen downgraded SKYX Platforms from a "hold" rating to a "sell" rating in a research report on Saturday, June 20th. Lake Street Capital lowered their target price on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Finally, Noble Financial upgraded SKYX Platforms to a "strong-buy" rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4.67.

SKYX Platforms Trading Down 6.0%

SKYX stock opened at $1.26 on Wednesday. The business has a fifty day simple moving average of $1.16 and a 200-day simple moving average of $1.30. The company has a market cap of $170.64 million, a price-to-earnings ratio of -4.67 and a beta of -3,490.82. SKYX Platforms Corp. has a 52 week low of $0.95 and a 52 week high of $3.29. The company has a quick ratio of 1.28, a current ratio of 1.46 and a debt-to-equity ratio of 2.60.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.06) 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 analyst estimates of $24.07 million. On average, equities research analysts expect that SKYX Platforms Corp. will post -0.22 EPS for the current year.

About SKYX Platforms

SKYX Platforms NASDAQ: SKYX provides comprehensive maintenance, repair and overhaul (MRO) services and operational support for commercial unmanned aerial systems (UAS). Through its digital platform, the company streamlines the booking, tracking and management of drone maintenance events, ensuring that operators maintain compliance with aviation regulations and industry best practices. SKYX Platforms’ offering is designed to reduce downtime, improve safety and extend the service life of UAS fleets across a wide range of applications.

The company’s service portfolio includes scheduled and unscheduled maintenance, component repair, spare parts provisioning, firmware and software updates, and field support.

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