SKYX Platforms Corp. (NASDAQ:SKYX) Short Interest Update

Key Points

• Short interest rose 24.2% in March to 4,358,993 shares (about 4.7% of shares sold short) with a days-to-cover of 3.4, indicating increased bearish positioning.
• Analysts are mixed: MarketBeat shows a consensus "Hold" with an average target of $5.00, while the stock trades near $1.13 (market cap ≈ $150M), highlighting a large gap between targets and the current price.
• SKYX missed recent quarterly estimates, reporting EPS of ($0.07) versus ($0.06) expected and revenue of $24.94M versus $25.12M expected.

SKYX Platforms Corp. (NASDAQ:SKYX - Get Free Report) was the target of a large growth in short interest in March. As of March 31st, there was short interest totaling 4,358,993 shares, a growth of 24.2% from the March 15th total of 3,510,393 shares. Approximately 4.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,291,216 shares, the days-to-cover ratio is presently 3.4 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vise Technologies Inc. purchased a new position in SKYX Platforms in the fourth quarter worth about $35,000. Quadrature Capital Ltd grew its position in SKYX Platforms by 50.5% in the fourth quarter. Quadrature Capital Ltd now owns 22,577 shares of the company's stock worth $49,000 after acquiring an additional 7,575 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in SKYX Platforms in the fourth quarter worth about $49,000. Hsbc Holdings PLC purchased a new position in SKYX Platforms in the fourth quarter worth about $61,000. Finally, Invesco Ltd. purchased a new position in SKYX Platforms in the second quarter worth about $34,000. Hedge funds and other institutional investors own 11.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Lake Street Capital began coverage on SKYX Platforms in a report on Thursday, March 5th. They set a "buy" rating and a $5.00 price objective on the stock. Roth Mkm restated a "buy" rating and issued a $5.00 price target (up from $4.25) on shares of SKYX Platforms in a research report on Thursday, January 22nd. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SKYX Platforms in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.00.

SKYX Platforms Stock Down 3.8%

SKYX traded down $0.05 on Thursday, hitting $1.13. The company had a trading volume of 881,144 shares, compared to its average volume of 1,154,926. The company has a market cap of $149.94 million, a PE ratio of -3.63 and a beta of -3,706.21. SKYX Platforms has a 12-month low of $0.96 and a 12-month high of $3.29. The business's fifty day simple moving average is $1.72 and its 200 day simple moving average is $1.87.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last released its quarterly earnings results on Thursday, March 26th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $24.94 million during the quarter, compared to the consensus estimate of $25.12 million. On average, analysts anticipate that SKYX Platforms will post -0.34 earnings per share for the current fiscal 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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