SKYX Platforms (NASDAQ:SKYX) Upgraded to Hold at Zacks Research

Key Points

• SKYX Platforms has received a recent upgrade to a "hold" rating from both Zacks Research and Wall Street Zen, reflecting a consensus among analysts about the stock's performance potential.
• The company reported earnings of ($0.08) per share for the last quarter, with revenue of $23.10 million, slightly above analyst expectations.
• Institutional investors have increased their holdings in SKYX Platforms, with notable growth from Corient Private Wealth LLC, which expanded its position by 163%.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) was upgraded by Zacks Research to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen upgraded shares of SKYX Platforms from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, SKYX Platforms has a consensus rating of "Hold".

SKYX Platforms Price Performance

Shares of NASDAQ:SKYX remained flat at $1.30 during trading on Monday. 1,100,206 shares of the stock were exchanged, compared to its average volume of 337,398. SKYX Platforms has a 12 month low of $0.80 and a 12 month high of $2.14. The stock has a market capitalization of $144.89 million, a price-to-earnings ratio of -3.61 and a beta of -3,558.12. The firm's 50 day moving average is $1.14 and its two-hundred day moving average is $1.18.

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

Institutional Investors Weigh In On SKYX Platforms

Several large investors have recently made changes to their positions in SKYX. Wealth Enhancement Advisory Services LLC raised its stake in SKYX Platforms by 100.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,892 shares of the company's stock valued at $36,000 after acquiring an additional 15,946 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of SKYX Platforms by 13.0% in the first quarter. Kestra Private Wealth Services LLC now owns 239,000 shares of the company's stock worth $272,000 after purchasing an additional 27,500 shares during the period. Northern Trust Corp boosted its stake in SKYX Platforms by 66.3% in the fourth quarter. Northern Trust Corp now owns 201,276 shares of the company's stock valued at $233,000 after buying an additional 80,245 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in SKYX Platforms in the first quarter valued at about $254,000. Finally, Jane Street Group LLC acquired a new stake in shares of SKYX Platforms during the fourth quarter valued at about $62,000. Institutional investors and hedge funds own 11.79% of the company's stock.

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.