SKYX Platforms (NASDAQ:SKYX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SKYX Platforms (NASDAQ:SKYX) from a sell rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on SKYX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a research note on Friday, July 17th. Lake Street Capital reduced their target price on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SKYX Platforms has a consensus rating of “Moderate Buy” and an average target price of $4.67.

SKYX Platforms Stock Performance

NASDAQ SKYX opened at $1.17 on Friday. The company has a market cap of $158.45 million, a PE ratio of -4.33 and a beta of -3,491.36. The stock’s 50 day simple moving average is $1.22 and its 200-day simple moving average is $1.21. SKYX Platforms has a 1-year low of $0.95 and a 1-year high of $3.29. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.46 and a quick ratio of 1.28.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $25.27 million during the quarter, compared to analysts’ expectations of $24.07 million. As a group, equities research analysts anticipate that SKYX Platforms will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On SKYX Platforms

Several hedge funds and other institutional investors have recently bought and sold shares of SKYX. Renaissance Technologies LLC boosted its holdings in SKYX Platforms by 243.9% in the 1st quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock valued at $1,368,000 after purchasing an additional 866,287 shares during the last quarter. Kanen Wealth Management LLC acquired a new position in SKYX Platforms in the first quarter valued at about $1,288,000. Allied Private Wealth LLC acquired a new position in SKYX Platforms in the second quarter valued at about $1,326,000. BlackRock Inc. purchased a new position in SKYX Platforms during the second quarter worth about $1,100,000. Finally, Clear Harbor Asset Management LLC purchased a new position in SKYX Platforms during the second quarter worth about $853,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

SKYX Platforms Company Profile

SKYX Platforms Corp. is a technology company focused on advancing smart-home and building technology through its “Smart Home” and “Smart Platform” product offerings. The company develops plug-and-play electrical and smart-home solutions designed to improve the installation, connectivity, functionality and safety of lighting fixtures and other ceiling-based devices.

Its product portfolio includes smart ceiling receptacles, smart platforms, lighting products and related technologies intended to simplify the installation of smart lighting and enable additional connected-home features.