SKYX Platforms (NASDAQ:SKYX) Posts Quarterly Earnings Results, Meets Estimates

Key Points

• SKYX Platforms reported a quarterly earnings per share (EPS) of ($0.08), in line with consensus estimates, but had a troubling negative net margin of 40.45%.
• Institutional investors have significantly increased their stakes in SKYX, with Goldman Sachs boosting its holdings by 685% in the first quarter, now owning 264,724 shares valued at $302,000.
• Wall Street Zen downgraded SKYX Platforms from a "hold" to a "sell" rating, indicating cautious sentiment among analysts regarding the company's future.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08), Zacks reports. SKYX Platforms had a negative return on equity of 3,407.81% and a negative net margin of 41.24%. The firm had revenue of $23.10 million for the quarter, compared to analysts' expectations of $22.95 million.

SKYX Platforms Stock Performance

SKYX Platforms stock traded down $0.08 on Friday, reaching $1.11. The company's stock had a trading volume of 430,428 shares, compared to its average volume of 446,557. The company has a market cap of $123.71 million, a price-to-earnings ratio of -3.08 and a beta of -3,533.92. The business's fifty day moving average price is $1.12 and its 200 day moving average price is $1.26. SKYX Platforms has a twelve month low of $0.80 and a twelve month high of $2.14.

Hedge Funds Weigh In On SKYX Platforms

A number of institutional investors and hedge funds have recently bought and sold shares of SKYX. Goldman Sachs Group Inc. boosted its stake in SKYX Platforms by 685.0% in 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 in the last quarter. Jane Street Group LLC lifted its stake in shares of SKYX Platforms by 258.5% during the first quarter. Jane Street Group LLC now owns 190,265 shares of the company's stock valued at $217,000 after acquiring an additional 137,193 shares during the period. Geode Capital Management LLC lifted its stake in shares of SKYX Platforms by 96.9% during the second quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company's stock valued at $1,527,000 after acquiring an additional 718,712 shares during the period. New York State Common Retirement Fund acquired a new position in shares of SKYX Platforms during the second quarter valued at $82,000. Finally, Invesco Ltd. acquired a new position in shares of SKYX Platforms during the second quarter valued at $34,000. Institutional investors and hedge funds own 11.79% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut SKYX Platforms from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd.

About SKYX Platforms

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.