SKYX Platforms Corp. (NASDAQ:SKYX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of SKYX Platforms Corp. (NASDAQ:SKYX) have earned an average rating of “Moderate Buy” from the six brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $5.00.

A number of equities analysts recently issued reports on the company. Noble Financial raised SKYX Platforms to a “strong-buy” rating in a report on Tuesday, May 12th. Wall Street Zen downgraded SKYX Platforms from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Tuesday, April 21st. Roth Mkm reaffirmed a “buy” rating and issued a $5.00 price target (up from $4.25) on shares of SKYX Platforms in a report on Thursday, January 22nd. Finally, Lake Street Capital assumed coverage on SKYX Platforms in a report on Thursday, March 5th. They issued a “buy” rating and a $5.00 price target for the company.

SKYX Platforms Stock Down 0.5%

Shares of NASDAQ:SKYX opened at $1.08 on Tuesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.70 and a quick ratio of 1.55. The firm has a market capitalization of $144.57 million, a PE ratio of -3.71 and a beta of -3,565.99. The firm’s 50-day moving average is $1.32 and its two-hundred day moving average is $1.85. SKYX Platforms has a 1 year low of $0.96 and a 1 year high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The business had revenue of $22.09 million for the quarter, compared to analysts’ expectations of $21.98 million. Analysts predict that SKYX Platforms will post -0.24 EPS for the current year.

Institutional Investors Weigh In On SKYX Platforms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of SKYX Platforms by 685.0% during the first quarter. Goldman Sachs Group Inc. now owns 264,724 shares of the company’s stock worth $302,000 after purchasing an additional 231,000 shares during the last quarter. Jane Street Group LLC raised its stake in shares of SKYX Platforms by 258.5% during the first quarter. Jane Street Group LLC now owns 190,265 shares of the company’s stock worth $217,000 after purchasing an additional 137,193 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of SKYX Platforms by 96.9% during the second quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company’s stock worth $1,527,000 after purchasing an additional 718,712 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of SKYX Platforms during the second quarter worth approximately $82,000. Finally, Invesco Ltd. purchased a new stake in shares of SKYX Platforms during the second quarter worth approximately $34,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

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.