SKYX Platforms Corp. (NASDAQ:SKYX) Given Average Rating of “Moderate Buy” by Analysts

SKYX Platforms Corp. (NASDAQ:SKYX) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $5.00.

Several equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of SKYX Platforms from a “hold” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Tuesday, April 21st. Lake Street Capital assumed coverage on shares of SKYX Platforms in a research note on Thursday, March 5th. They issued a “buy” rating and a $5.00 target price for the company. Finally, Noble Financial upgraded shares of SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th.

SKYX Platforms Price Performance

Shares of NASDAQ:SKYX opened at $1.13 on Tuesday. The company has a current ratio of 1.70, a quick ratio of 1.55 and a debt-to-equity ratio of 1.37. SKYX Platforms has a 12 month low of $0.96 and a 12 month high of $3.29. The company has a 50-day moving average price of $1.25 and a 200 day moving average price of $1.83. The company has a market cap of $151.96 million, a price-to-earnings ratio of -3.90 and a beta of -3,565.99.

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

Institutional Investors Weigh In On SKYX Platforms

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in SKYX Platforms by 48.6% in the first quarter. Bank of America Corp DE now owns 71,465 shares of the company’s stock valued at $80,000 after acquiring an additional 23,360 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SKYX Platforms by 22.5% during the first quarter. Bank of New York Mellon Corp now owns 175,683 shares of the company’s stock valued at $197,000 after buying an additional 32,212 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of SKYX Platforms by 243.9% during the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock valued at $1,368,000 after buying an additional 866,287 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of SKYX Platforms during the first quarter valued at $80,000. Finally, Kanen Wealth Management LLC purchased a new stake in shares of SKYX Platforms during the first quarter valued at $1,288,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

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.