SKYX Platforms Corp. $SKYX Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its SKYX Platforms stake by 243.9% in the first quarter, adding 866,287 shares for a total of 1.22 million shares worth approximately $1.37 million. Institutional investors and hedge funds collectively own 11.79% of the company.
• SKYX reported a quarterly loss of $0.06 per share, missing estimates by $0.01, while revenue of $25.27 million exceeded analysts’ expectations. Analysts expect a full-year loss of $0.22 per share.
• Shares opened at $1.21, compared with a 52-week range of $0.95 to $3.29. Despite mixed ratings—including recent sell calls—the stock has a “Moderate Buy” consensus rating and a $5.00 average price target.

Renaissance Technologies LLC boosted its stake in SKYX Platforms Corp. (NASDAQ:SKYX - Free Report) by 243.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,221,500 shares of the company's stock after purchasing an additional 866,287 shares during the quarter. Renaissance Technologies LLC owned about 0.91% of SKYX Platforms worth $1,368,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in SKYX Platforms by 7.6% during the third quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company's stock worth $3,726,000 after purchasing an additional 235,625 shares during the period. Geode Capital Management LLC grew its stake in shares of SKYX Platforms by 14.8% during the 4th quarter. Geode Capital Management LLC now owns 1,742,309 shares of the company's stock valued at $3,782,000 after buying an additional 224,297 shares during the period. State Street Corp grew its stake in shares of SKYX Platforms by 30.6% during the 4th quarter. State Street Corp now owns 904,978 shares of the company's stock valued at $1,964,000 after buying an additional 212,164 shares during the period. Clear Harbor Asset Management LLC increased its holdings in shares of SKYX Platforms by 7.0% during the 4th quarter. Clear Harbor Asset Management LLC now owns 621,635 shares of the company's stock worth $1,349,000 after buying an additional 40,560 shares during the last quarter. Finally, Corient Private Wealth LLC increased its holdings in shares of SKYX Platforms by 163.0% during the 2nd quarter. Corient Private Wealth LLC now owns 446,981 shares of the company's stock worth $467,000 after buying an additional 277,000 shares during the last quarter. Institutional investors and hedge funds own 11.79% of the company's stock.

SKYX Platforms Price Performance

SKYX opened at $1.21 on Thursday. SKYX Platforms Corp. has a 52-week low of $0.95 and a 52-week high of $3.29. The company has a 50 day moving average of $1.12 and a two-hundred day moving average of $1.42. The company has a market cap of $162.72 million, a P/E ratio of -4.17 and a beta of -3,492.86. The company has a quick ratio of 1.55, a current ratio of 1.70 and a debt-to-equity ratio of 1.37.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last issued 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, analysts expect that SKYX Platforms Corp. will post -0.22 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on SKYX shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a report on Friday, July 17th. Wall Street Zen lowered SKYX Platforms from a "hold" rating to a "sell" rating in a research note on Saturday, June 20th. Finally, Noble Financial upgraded SKYX Platforms to a "strong-buy" rating in a report on Tuesday, May 12th. One 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.00.

SKYX Platforms Company 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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