SKYX Platforms (NASDAQ:SKYX) Upgraded by Wall Street Zen to Hold Rating

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 issued to investors on Saturday morning.

SKYX Platforms Price Performance

Shares of NASDAQ SKYX traded down $0.04 during midday trading on Friday, reaching $1.16. 247,183 shares of the company's stock traded hands, compared to its average volume of 383,756. SKYX Platforms has a one year low of $0.80 and a one year high of $2.14. The stock's 50 day simple moving average is $1.11 and its 200-day simple moving average is $1.21.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYX. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of SKYX Platforms by 16.8% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 52,340 shares of the company's stock worth $61,000 after purchasing an additional 7,519 shares during the last quarter. Private Advisor Group LLC grew its position in shares of SKYX Platforms by 33.9% in the first quarter. Private Advisor Group LLC now owns 39,500 shares of the company's stock valued at $45,000 after purchasing an additional 10,000 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of SKYX Platforms by 100.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,892 shares of the company's stock valued at $36,000 after purchasing an additional 15,946 shares during the period. Millennium Management LLC boosted its position in 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 acquiring an additional 23,901 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in 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 acquiring an additional 27,500 shares during the last quarter. Hedge funds and other institutional investors own 11.79% of the company's stock.

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.