SKYX Platforms (NASDAQ:SKYX) Raised 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 analysts at Zacks Research to a "hold" rating in a 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 report on Saturday, August 30th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, SKYX Platforms has a consensus rating of "Hold".

SKYX Platforms Stock Performance

Shares of NASDAQ:SKYX remained flat at $1.30 during trading on Monday. The stock had a trading volume of 1,100,206 shares, compared to its average volume of 337,398. SKYX Platforms has a 52-week low of $0.80 and a 52-week high of $2.14. The stock has a market cap of $144.89 million, a price-to-earnings ratio of -3.61 and a beta of -3,558.12. The stock has a fifty day simple moving average of $1.14 and a 200-day simple moving average of $1.17.

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 the consensus estimate of ($0.08). The firm 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%. As a group, research analysts predict that SKYX Platforms will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKYX. Geode Capital Management LLC lifted its stake in shares of SKYX Platforms by 96.9% in the second 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. Corient Private Wealth LLC lifted its position in SKYX Platforms by 163.0% during the 2nd quarter. Corient Private Wealth LLC now owns 446,981 shares of the company's stock valued at $467,000 after purchasing an additional 277,000 shares during the period. Goldman Sachs Group Inc. boosted its stake in SKYX Platforms by 685.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 264,724 shares of the company's stock worth $302,000 after acquiring an additional 231,000 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of SKYX Platforms during the first quarter worth $254,000. Finally, Jane Street Group LLC raised its holdings in shares of SKYX Platforms by 258.5% in the first quarter. Jane Street Group LLC now owns 190,265 shares of the company's stock valued at $217,000 after purchasing an additional 137,193 shares during the last quarter. 11.79% of the stock is owned by hedge funds and other institutional investors.

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.