SKYX Platforms Corp. (NASDAQ:SKYX) Short Interest Up 30.8% in December

SKYX Platforms Corp. (NASDAQ:SKYX) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 2,805,918 shares, a growth of 30.8% from the December 15th total of 2,145,698 shares. Based on an average trading volume of 839,521 shares, the short-interest ratio is presently 3.3 days. Approximately 3.5% of the shares of the company are sold short. Approximately 3.5% of the shares of the company are sold short. Based on an average trading volume of 839,521 shares, the short-interest ratio is presently 3.3 days.

SKYX Platforms Price Performance

Shares of SKYX stock traded up $0.14 during trading hours on Friday, reaching $2.53. 1,286,362 shares of the company traded hands, compared to its average volume of 1,131,206. The firm has a 50-day moving average price of $2.12 and a 200 day moving average price of $1.54. The company has a market cap of $287.79 million, a P/E ratio of -7.23 and a beta of -3,945.51. SKYX Platforms has a 12-month low of $0.88 and a 12-month high of $2.57.

SKYX Platforms (NASDAQ:SKYX) last released its earnings results on Wednesday, November 12th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $23.89 million for the quarter, compared to the consensus estimate of $24.45 million. Sell-side analysts predict that SKYX Platforms will post -0.34 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of SKYX Platforms in a report on Wednesday, October 8th. Wall Street Zen raised shares of SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Litchfield Hills Research initiated coverage on shares of SKYX Platforms in a report on Friday, October 17th. They issued a “buy” rating and a $5.00 price objective on the stock. Finally, Roth Capital raised shares of SKYX Platforms to a “strong-buy” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Intech Investment Management LLC bought a new position in SKYX Platforms in the 2nd quarter worth $32,000. Invesco Ltd. purchased a new position in shares of SKYX Platforms in the second quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of SKYX Platforms in the second quarter valued at about $35,000. JPMorgan Chase & Co. boosted its stake in shares of SKYX Platforms by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after acquiring an additional 9,647 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in shares of SKYX Platforms during the third quarter worth about $47,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

About SKYX Platforms

SKYX Platforms (NASDAQ:SKYX) provides comprehensive maintenance, repair and overhaul (MRO) services and operational support for commercial unmanned aerial systems (UAS). Through its digital platform, the company streamlines the booking, tracking and management of drone maintenance events, ensuring that operators maintain compliance with aviation regulations and industry best practices. SKYX Platforms’ offering is designed to reduce downtime, improve safety and extend the service life of UAS fleets across a wide range of applications.

The company’s service portfolio includes scheduled and unscheduled maintenance, component repair, spare parts provisioning, firmware and software updates, and field support.