Wall Street Zen Downgrades SKYX Platforms (NASDAQ:SKYX) to Sell

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 equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

SKYX Platforms Trading Up 5.4%

NASDAQ SKYX traded up $0.06 during trading on Friday, reaching $1.07. The company's stock had a trading volume of 228,448 shares, compared to its average volume of 560,134. The firm has a market capitalization of $113.86 million, a price-to-earnings ratio of -2.96 and a beta of -3,533.23. SKYX Platforms has a 12 month low of $0.80 and a 12 month high of $2.14. The firm has a 50 day moving average price of $1.14 and a 200 day moving average price of $1.29.

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 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 company had revenue of $20.10 million during the quarter, compared to the consensus estimate of $20.25 million. On average, equities analysts forecast that SKYX Platforms will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On SKYX Platforms

A number of institutional investors have recently added to or reduced their stakes in SKYX. Prudential Financial Inc. acquired a new position in SKYX Platforms during the 4th quarter worth approximately $36,000. Geode Capital Management LLC increased its position in SKYX Platforms by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 712,391 shares of the company's stock valued at $827,000 after acquiring an additional 7,461 shares during the period. Renaissance Technologies LLC acquired a new position in SKYX Platforms in the 4th quarter valued at approximately $82,000. Barclays PLC increased its position in shares of 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 increased its position in shares of 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.