SKYX Platforms (NASDAQ:SKYX) Stock Rating Lowered by Wall Street Zen

Key Points

• SKYX Platforms' stock rating has been downgraded from a "hold" to a "sell" by Wall Street Zen following its recent performance analysis.
• The company reported a negative net margin of 40.45% and a revenue of $20.10 million for the last quarter, which was slightly below analysts' expectations.
• Institutional investors have recently increased their positions in SKYX Platforms, with 11.79% of the stock currently owned by institutional investors and hedge funds.

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

SKYX Platforms Price Performance

Shares of SKYX Platforms stock opened at $1.00 on Friday. SKYX Platforms has a 52-week low of $0.80 and a 52-week high of $2.14. The company's 50-day simple moving average is $1.15 and its 200-day simple moving average is $1.29. The firm has a market cap of $106.91 million, a price-to-earnings ratio of -2.78 and a beta of -3,532.14.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. SKYX Platforms had a negative net margin of 40.45% and a negative return on equity of 3,407.81%. The business had revenue of $20.10 million for the quarter, compared to analyst estimates of $20.25 million. Equities research analysts anticipate that SKYX Platforms will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. acquired a new position in SKYX Platforms during the fourth quarter worth about $36,000. Geode Capital Management LLC grew its position in SKYX Platforms by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 712,391 shares of the company's stock worth $827,000 after buying an additional 7,461 shares during the period. Renaissance Technologies LLC acquired a new position in SKYX Platforms during the fourth quarter worth about $82,000. Barclays PLC grew its position in SKYX Platforms by 3,081,100.0% during the fourth quarter. Barclays PLC now owns 30,812 shares of the company's stock worth $36,000 after buying an additional 30,811 shares during the period. Finally, Northern Trust Corp grew its position in SKYX Platforms by 66.3% during the fourth quarter. Northern Trust Corp now owns 201,276 shares of the company's stock worth $233,000 after buying an additional 80,245 shares during the period. 11.79% of the stock is currently owned by institutional investors and hedge funds.

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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