SKYX Platforms (NASDAQ:SKYX) Issues 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 earnings results on Tuesday. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08), Zacks reports. SKYX Platforms had a negative net margin of 40.45% and a negative return on equity of 3,407.81%.

SKYX Platforms Price Performance

SKYX stock traded up $0.02 during trading hours on Tuesday, reaching $1.18. The stock had a trading volume of 696,024 shares, compared to its average volume of 557,592. The stock has a market capitalization of $126.15 million, a PE ratio of -3.28 and a beta of -3,533.92. The stock has a 50-day simple moving average of $1.12 and a 200 day simple moving average of $1.27. SKYX Platforms has a fifty-two week low of $0.80 and a fifty-two week high of $2.14.

Institutional Trading of SKYX Platforms

A number of large investors have recently added to or reduced their stakes in SKYX. Goldman Sachs Group Inc. lifted 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 valued at $302,000 after acquiring an additional 231,000 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of SKYX Platforms by 258.5% during the 1st quarter. Jane Street Group LLC now owns 190,265 shares of the company's stock worth $217,000 after buying an additional 137,193 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of SKYX Platforms by 96.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company's stock worth $1,527,000 after buying an additional 718,712 shares during the last quarter. Institutional investors and hedge funds own 11.79% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of SKYX Platforms from a "hold" rating to a "sell" rating in a research note 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.

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