SKYX Platforms Corp. (NASDAQ:SKYX) Short Interest Down 40.0% in June

SKYX Platforms Corp. (NASDAQ:SKYX) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 3,511,942 shares, a decrease of 40.0% from the June 15th total of 5,855,767 shares. Approximately 3.4% of the company’s shares are short sold. Based on an average trading volume of 2,250,110 shares, the short-interest ratio is currently 1.6 days.

Analysts Set New Price Targets

A number of research firms recently issued reports on SKYX. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a report on Tuesday, April 21st. Wall Street Zen lowered shares of SKYX Platforms from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. Finally, Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. acquired a new stake in shares of SKYX Platforms in the second quarter worth $34,000. Vise Technologies Inc. acquired a new position in shares of SKYX Platforms during the 4th quarter valued at $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of SKYX Platforms during the 2nd quarter valued at $35,000. JPMorgan Chase & Co. boosted its position in SKYX Platforms by 31.7% during the 3rd 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. Finally, Quadrature Capital Ltd boosted its position in SKYX Platforms by 50.5% during the 4th quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock worth $49,000 after purchasing an additional 7,575 shares during the period. 11.79% of the stock is owned by institutional investors and hedge funds.

SKYX Platforms Stock Performance

NASDAQ:SKYX remained flat at $1.18 on Friday. The company’s stock had a trading volume of 513,153 shares, compared to its average volume of 1,783,095. The business has a fifty day moving average of $1.11 and a two-hundred day moving average of $1.58. The stock has a market capitalization of $158.69 million, a PE ratio of -4.07 and a beta of -3,527.10. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.55 and a current ratio of 1.70. SKYX Platforms has a 12 month low of $0.95 and a 12 month high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $22.09 million during the quarter, compared to analyst estimates of $21.98 million. As a group, analysts predict that SKYX Platforms will post -0.22 earnings per share for the current year.

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.