Wall Street Zen Upgrades SKYX Platforms (NASDAQ:SKYX) to "Hold"

Key Points

• SKYX Platforms has been upgraded from a "sell" rating to a "hold" rating by analysts at Wall Street Zen, which signifies a more favorable outlook for the company's stock.
• The company reported quarterly revenues of $23.10 million, slightly beating the consensus estimate, despite posting a loss of ($0.08) earnings per share.
• Institutional investors have shown increased interest, with firms like Barclays PLC and Invesco Ltd. significantly raising their stakes in SKYX Platforms recently.

Wall Street Zen upgraded shares of SKYX Platforms (NASDAQ:SKYX - Free Report) from a sell rating to a hold rating in a research note released on Saturday morning.

SKYX Platforms Stock Down 2.5%

Shares of NASDAQ:SKYX traded down $0.03 during trading on Friday, hitting $1.15. 252,828 shares of the company were exchanged, compared to its average volume of 358,918. The business's 50 day moving average is $1.11 and its 200-day moving average is $1.20. The company has a market capitalization of $128.17 million, a P/E ratio of -3.19 and a beta of -3,558.12. SKYX Platforms has a 1-year low of $0.80 and a 1-year high of $2.14.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.08) EPS for the quarter, hitting 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%. As a group, sell-side analysts anticipate that SKYX Platforms will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On SKYX Platforms

Large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of SKYX Platforms by 100.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,892 shares of the company's stock worth $36,000 after buying an additional 15,946 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of SKYX Platforms by 13.0% during the first quarter. Kestra Private Wealth Services LLC now owns 239,000 shares of the company's stock worth $272,000 after buying an additional 27,500 shares during the period. 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. Jane Street Group LLC acquired a new stake in shares of SKYX Platforms during the fourth quarter worth $62,000. Finally, Millennium Management LLC increased its position in shares of SKYX Platforms by 3.0% during the fourth quarter. Millennium Management LLC now owns 833,231 shares of the company's stock worth $967,000 after buying an additional 23,901 shares during the period. 11.79% of the stock is currently owned by institutional investors and hedge funds.

SKYX Platforms Company Profile

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.