Short Interest in SKYX Platforms Corp. (NASDAQ:SKYX) Declines By 40.0%

Key Points

• Short interest in SKYX Platforms fell 40.0% in June, dropping to 3,511,942 shares as of June 30 from 5,855,767 shares two weeks earlier. That represents about 3.4% of the float and a days-to-cover ratio of 1.6.
• SKYX shares were trading at $1.21 on Thursday, near their 52-week low of $0.95 and well below the 52-week high of $3.29. The stock also sits below its 200-day moving average of $1.59.
• Analysts currently have a Moderate Buy consensus on the stock with a $5.00 price target, though recent ratings have been mixed. The company also reported fiscal results that matched EPS expectations and slightly beat revenue estimates in its latest earnings release.

SKYX Platforms Corp. (NASDAQ:SKYX - Get Free Report) saw a large decline in short interest in June. As of June 30th, there was short interest totaling 3,511,942 shares, a decline of 40.0% from the June 15th total of 5,855,767 shares. Based on an average trading volume of 2,250,110 shares, the days-to-cover ratio is currently 1.6 days. Currently, 3.4% of the company's stock are short sold.

SKYX Platforms Stock Performance

Shares of SKYX Platforms stock traded down $0.04 during trading on Thursday, reaching $1.21. The company's stock had a trading volume of 618,448 shares, compared to its average volume of 1,460,221. SKYX Platforms has a one year low of $0.95 and a one year high of $3.29. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.55 and a current ratio of 1.70. The firm has a market cap of $163.26 million, a price-to-earnings ratio of -4.19 and a beta of -3,527.10. The business's fifty day moving average price is $1.11 and its 200-day moving average price is $1.59.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $22.09 million for the quarter, compared to the consensus estimate of $21.98 million. As a group, equities research analysts predict that SKYX Platforms will post -0.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SKYX shares. Wall Street Zen lowered SKYX Platforms from a "hold" rating to a "sell" rating in a report on Saturday, June 20th. Noble Financial raised shares of SKYX Platforms to a "strong-buy" rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of SKYX Platforms in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.00.

Hedge Funds Weigh In On SKYX Platforms

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Byrne Asset Management LLC raised its position in shares of SKYX Platforms by 34.7% during the second quarter. Byrne Asset Management LLC now owns 142,800 shares of the company's stock valued at $159,000 after buying an additional 36,800 shares during the last quarter. Kanen Wealth Management LLC acquired a new stake in SKYX Platforms during the first quarter worth about $1,288,000. Renaissance Technologies LLC increased its stake in SKYX Platforms by 243.9% during the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company's stock valued at $1,368,000 after acquiring an additional 866,287 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in SKYX Platforms in the 1st quarter valued at approximately $80,000. Finally, Bank of New York Mellon Corp lifted its position in shares of SKYX Platforms by 22.5% in the 1st quarter. Bank of New York Mellon Corp now owns 175,683 shares of the company's stock worth $197,000 after acquiring an additional 32,212 shares during the period. Institutional investors own 11.79% of the company's stock.

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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