BlackRock Inc. Buys Shares of 995,824 SKYX Platforms Corp. $SKYX

Key Points

• BlackRock acquired 995,824 shares of SKYX Platforms during the second quarter, worth approximately $1.1 million and representing a 0.74% stake. Institutional investors and hedge funds collectively own 11.79% of the company.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell. MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $4.67, despite Lake Street Capital lowering its target to $4.00.
• SKYX reported a quarterly loss of $0.06 per share, missing estimates by $0.01, while revenue of $25.27 million exceeded forecasts. The stock opened at $1.37 and has traded between $0.95 and $3.29 over the past year.

BlackRock Inc. purchased a new position in shares of SKYX Platforms Corp. (NASDAQ:SKYX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 995,824 shares of the company's stock, valued at approximately $1,100,000. BlackRock Inc. owned 0.74% of SKYX Platforms at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SKYX. Quadrature Capital Ltd boosted its position in SKYX Platforms by 50.5% during the 4th quarter. Quadrature Capital Ltd now owns 22,577 shares of the company's stock valued at $49,000 after purchasing an additional 7,575 shares during the period. Invesco Ltd. grew its stake in SKYX Platforms by 26.6% during the 4th quarter. Invesco Ltd. now owns 40,732 shares of the company's stock worth $88,000 after buying an additional 8,547 shares during the last quarter. JPMorgan Chase & Co. increased its position in SKYX Platforms by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company's stock worth $45,000 after buying an additional 9,647 shares during the period. Vise Technologies Inc. acquired a new stake in SKYX Platforms in the fourth quarter worth $35,000. Finally, Baxter Bros Inc. bought a new stake in SKYX Platforms in the second quarter valued at $25,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SKYX has been the subject of several analyst reports. Weiss Ratings reissued a "sell (e+)" rating on shares of SKYX Platforms in a report on Friday, July 17th. Noble Financial raised shares of SKYX Platforms to a "strong-buy" rating in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of SKYX Platforms from a "hold" rating to a "sell" rating in a research report on Saturday, June 20th. Finally, Lake Street Capital cut their price objective on shares of SKYX Platforms from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4.67.

SKYX Platforms Price Performance

SKYX opened at $1.37 on Monday. The stock's 50 day moving average price is $1.17 and its 200 day moving average price is $1.29. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.46 and a quick ratio of 1.28. The stock has a market cap of $185.54 million, a P/E ratio of -5.07 and a beta of -3,491.36. SKYX Platforms Corp. has a 12 month low of $0.95 and a 12 month high of $3.29.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last announced its quarterly 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 the consensus estimate of $24.07 million. As a group, research analysts predict that SKYX Platforms Corp. will post -0.22 earnings per share for the current year.

SKYX Platforms Profile

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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