SKYX Platforms Corp. (NASDAQ:SKYX) Short Interest Update

SKYX Platforms Corp. (NASDAQ:SKYX) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 4,358,993 shares, a growth of 24.2% from the March 15th total of 3,510,393 shares. Based on an average daily trading volume, of 1,291,216 shares, the short-interest ratio is presently 3.4 days. Approximately 4.7% of the company’s shares are short sold.

SKYX Platforms Stock Performance

SKYX Platforms stock traded down $0.05 during trading hours on Thursday, hitting $1.13. The company had a trading volume of 881,144 shares, compared to its average volume of 1,154,926. The firm has a market cap of $149.94 million, a P/E ratio of -3.63 and a beta of -3,706.21. The company has a 50-day moving average price of $1.72 and a two-hundred day moving average price of $1.87. SKYX Platforms has a 1 year low of $0.96 and a 1 year high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last announced its quarterly earnings results on Thursday, March 26th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The company had revenue of $24.94 million during the quarter, compared to analysts’ expectations of $25.12 million. As a group, equities research analysts anticipate that SKYX Platforms will post -0.34 EPS for the current year.

Institutional Trading of SKYX Platforms

Large investors have recently modified their holdings of the company. Invesco Ltd. purchased a new stake in shares of SKYX Platforms in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of SKYX Platforms in the second quarter valued at approximately $35,000. Vise Technologies Inc. purchased a new stake in shares of SKYX Platforms in the fourth quarter valued at approximately $35,000. JPMorgan Chase & Co. boosted its holdings 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 valued at $45,000 after purchasing an additional 9,647 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in shares of SKYX Platforms in the third quarter valued at approximately $47,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

Wall Street Analysts Forecast Growth

SKYX has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Thursday, January 22nd. Lake Street Capital initiated coverage on SKYX Platforms in a research report on Thursday, March 5th. They issued a “buy” rating and a $5.00 price objective on the stock. Finally, 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. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.00.

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.