SKYX Platforms (NASDAQ:SKYX) Downgraded by Wall Street Zen to "Sell"

Key Points

• SKYX Platforms was downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a potential decline in the stock's performance.
• Despite the downgrade, Zacks Research has maintained a "hold" rating, reflecting mixed analyst sentiments with a consensus rating of "Hold".
• Institutional investors have increased their stakes in SKYX Platforms significantly, with firms like Geode Capital Management and Goldman Sachs Group exhibiting large percentage increases in holdings.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Friday.

Separately, Zacks Research upgraded shares of SKYX Platforms to a "hold" rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, SKYX Platforms has a consensus rating of "Hold".

SKYX Platforms Price Performance

SKYX opened at $1.14 on Friday. The company has a market cap of $127.05 million, a price-to-earnings ratio of -3.17 and a beta of -3,558.12. The firm has a 50 day simple moving average of $1.16 and a 200 day simple moving average of $1.17. SKYX Platforms has a fifty-two week low of $0.80 and a fifty-two week high of $2.14.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $23.10 million during the quarter, compared to the consensus estimate of $22.95 million. SKYX Platforms had a negative net margin of 41.24% and a negative return on equity of 3,407.81%. As a group, analysts expect that SKYX Platforms will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SKYX. Geode Capital Management LLC boosted its holdings in SKYX Platforms by 96.9% during the second quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company's stock worth $1,527,000 after purchasing an additional 718,712 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in SKYX Platforms by 163.0% during the second quarter. Corient Private Wealth LLC now owns 446,981 shares of the company's stock worth $467,000 after purchasing an additional 277,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in SKYX Platforms by 685.0% during the first quarter. Goldman Sachs Group Inc. now owns 264,724 shares of the company's stock worth $302,000 after purchasing an additional 231,000 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in SKYX Platforms during the first quarter worth $254,000. Finally, Jane Street Group LLC boosted its holdings in SKYX Platforms by 258.5% during the first quarter. Jane Street Group LLC now owns 190,265 shares of the company's stock worth $217,000 after purchasing an additional 137,193 shares during the last quarter. Institutional investors and hedge funds own 11.79% of the company's stock.

SKYX Platforms Company Profile

SKYX Platforms Corp. provides a series of safe-smart platform technologies. The company's first and second-generation technologies enable light fixtures, ceiling fans, and other electrically wired products to be installed and plugged into a ceiling's electrical outlet box. It also provides universal power-plugs and receptacle products.

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