SKYX Platforms Corp. (NASDAQ:SKYX) Short Interest Up 16.8% in February

SKYX Platforms Corp. (NASDAQ:SKYX) saw a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 3,018,092 shares, an increase of 16.8% from the February 12th total of 2,584,495 shares. Based on an average daily volume of 743,699 shares, the days-to-cover ratio is presently 4.1 days. Currently, 3.5% of the shares of the company are sold short. Currently, 3.5% of the shares of the company are sold short. Based on an average daily volume of 743,699 shares, the days-to-cover ratio is presently 4.1 days.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Roth Mkm reiterated a “buy” rating and issued a $5.00 target price (up from $4.25) on shares of SKYX Platforms in a research note on Thursday, January 22nd. Lake Street Capital initiated coverage on SKYX Platforms in a research note on Thursday, March 5th. They set a “buy” rating and a $5.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, SKYX Platforms presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Institutional Trading of SKYX Platforms

Several institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC increased its stake in SKYX Platforms by 163.0% in the second quarter. Corient Private Wealth LLC now owns 446,981 shares of the company’s stock valued at $467,000 after acquiring an additional 277,000 shares during the period. Intech Investment Management LLC bought a new position in SKYX Platforms during the second quarter worth about $32,000. JPMorgan Chase & Co. lifted its stake in SKYX Platforms by 31.7% during the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after purchasing an additional 9,647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in SKYX Platforms during the second quarter valued at approximately $35,000. Finally, Vise Technologies Inc. acquired a new stake in SKYX Platforms during the fourth quarter valued at approximately $35,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

SKYX Platforms Price Performance

SKYX opened at $1.73 on Tuesday. The company has a market capitalization of $210.21 million, a P/E ratio of -4.94 and a beta of -3,937.89. The firm’s fifty day moving average price is $2.21 and its two-hundred day moving average price is $1.86. SKYX Platforms has a fifty-two week low of $0.88 and a fifty-two week high of $3.29.

SKYX Platforms Company Profile

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.