Short Interest in SkyAI, Inc. Common Stock (NASDAQ:SKYA) Rises By 112.5%

Key Points

• Short interest more than doubled: Shares sold short rose 112.5% to 1.01 million as of July 15, representing 3.0% of shares outstanding and a 7.7-day days-to-cover ratio.
• Market sentiment remains weak: SKYA traded near $1.34, versus a 52-week range of $0.91 to $18.23, while analysts maintained a consensus “Sell” rating. The company reported a quarterly loss of $1.19 per share on just $0.19 million in revenue.
• Institutional ownership increased: Saba Capital expanded its stake by 645.7%, and several other funds initiated positions; institutional investors now own 17.17% of the stock.

SkyAI, Inc. Common Stock (NASDAQ:SKYA - Get Free Report) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 1,014,055 shares, an increase of 112.5% from the June 30th total of 477,230 shares. Currently, 3.0% of the company's shares are sold short. Based on an average daily volume of 132,493 shares, the days-to-cover ratio is presently 7.7 days.

SkyAI, Inc. Common Stock Price Performance

NASDAQ SKYA traded up $0.03 during midday trading on Tuesday, hitting $1.34. 17,733 shares of the company traded hands, compared to its average volume of 431,598. SkyAI, Inc. Common Stock has a 52 week low of $0.91 and a 52 week high of $18.23. The company's 50-day simple moving average is $1.29 and its 200-day simple moving average is $1.66. The company has a market cap of $56.92 million, a PE ratio of -0.83 and a beta of 2.10.

SkyAI, Inc. Common Stock (NASDAQ:SKYA - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($1.19) earnings per share for the quarter. The company had revenue of $0.19 million during the quarter.

Analyst Ratings Changes

Several research analysts have commented on SKYA shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SkyAI, Inc. Common Stock in a research note on Friday, July 17th. Wall Street Zen lowered SkyAI, Inc. Common Stock from a "hold" rating to a "sell" rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, SkyAI, Inc. Common Stock currently has a consensus rating of "Sell".

Institutional Trading of SkyAI, Inc. Common Stock

A number of institutional investors have recently modified their holdings of SKYA. Saba Capital Management L.P. raised its stake in shares of SkyAI, Inc. Common Stock by 645.7% during the 1st quarter. Saba Capital Management L.P. now owns 1,511,988 shares of the company's stock worth $2,540,000 after acquiring an additional 1,309,236 shares in the last quarter. Cannell & Spears LLC acquired a new stake in shares of SkyAI, Inc. Common Stock in the 1st quarter worth $141,000. Aristides Capital LLC purchased a new position in SkyAI, Inc. Common Stock during the 4th quarter worth $25,000. Feynman Point Asset Management LLC acquired a new position in SkyAI, Inc. Common Stock during the 4th quarter valued at about $1,121,000. Finally, Arrington Capital Management LLC acquired a new position in SkyAI, Inc. Common Stock during the 4th quarter valued at about $1,874,000. 17.17% of the stock is currently owned by institutional investors.

SkyAI, Inc. Common Stock Company Profile

Sharps Technology NASDAQ: STSS is an insurtech company specializing in technology-enabled subrogation recovery services for property and casualty insurers. The company's flagship platform combines process automation, data analytics and digital workflow tools to help carriers and third-party administrators identify, manage and recover funds from liable third parties. By streamlining the subrogation lifecycle—from claim intake through recovery—Sharps delivers greater transparency, faster turnaround times and improved recovery rates for its clients.

Since its initial public offering in late 2021, Sharps Technology has focused on expanding its presence across the United States.

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