SKYX Platforms (NASDAQ:SKYX) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of SKYX Platforms (NASDAQ:SKYX) from a hold rating to a sell rating in a research note released on Sunday,Wall Street Zen reports.

Several other research analysts also recently issued reports on SKYX. Lake Street Capital lowered their price target on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.50.

SKYX Platforms Price Performance

SKYX stock opened at $0.69 on Friday. The stock has a market cap of $95.98 million, a price-to-earnings ratio of -2.57 and a beta of -3,623.05. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.46 and a quick ratio of 1.28. The company has a 50 day simple moving average of $1.07 and a 200 day simple moving average of $1.32. SKYX Platforms has a 1 year low of $0.67 and a 1 year high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last issued its earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $25.27 million for the quarter, compared to analysts’ expectations of $24.07 million. Research analysts anticipate that SKYX Platforms will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On SKYX Platforms

Institutional investors have recently added to or reduced their stakes in the business. Baxter Bros Inc. acquired a new position in SKYX Platforms in the 2nd quarter valued at approximately $25,000. Hsbc Holdings PLC acquired a new position in shares of SKYX Platforms during the second quarter worth $30,000. Bank of America Corp DE acquired a new position in shares of SKYX Platforms during the second quarter worth $50,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of SKYX Platforms during the first quarter worth $80,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of SKYX Platforms in the third quarter worth $141,000. 11.79% of the stock is owned by institutional investors.

SKYX Platforms Company Profile

SKYX Platforms Corp. is a technology company focused on smart-home and smart-building solutions designed to make residential and commercial spaces safer, more connected and easier to automate. Its products are intended to simplify the installation and use of connected electrical and lighting systems, particularly in new construction and renovation projects. The company develops and markets products such as smart plug-and-play electrical receptacles, ceiling outlet and lighting platforms, smart switches, fixtures and related technologies.