Wall Street Zen Downgrades SKYX Platforms (NASDAQ:SKYX) to Sell

SKYX Platforms (NASDAQ:SKYX) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently weighed in on SKYX. Lake Street Capital began coverage on shares of SKYX Platforms in a research note on Thursday, March 5th. They issued a “buy” rating and a $5.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Tuesday, April 21st. Finally, Roth Mkm restated a “buy” rating and issued a $5.00 price target (up from $4.25) on shares of SKYX Platforms in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, SKYX Platforms currently has an average rating of “Hold” and a consensus price target of $5.00.

SKYX Platforms Stock Performance

SKYX opened at $1.04 on Friday. The company’s 50 day moving average is $1.57 and its 200-day moving average is $1.87. SKYX Platforms has a 1-year low of $0.96 and a 1-year high of $3.29. The company has a market cap of $138.61 million, a P/E ratio of -3.35 and a beta of -3,706.21.

SKYX Platforms (NASDAQ:SKYX) last posted its quarterly earnings results on Thursday, March 26th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The firm had revenue of $24.94 million for the quarter, compared to the consensus estimate of $25.12 million. On average, equities analysts forecast that SKYX Platforms will post -0.19 EPS for the current year.

Institutional Investors Weigh In On SKYX Platforms

Several hedge funds have recently added to or reduced their stakes in SKYX. Invesco Ltd. acquired a new stake in SKYX Platforms during the 2nd quarter worth approximately $34,000. Vise Technologies Inc. acquired a new stake in SKYX Platforms during the 4th quarter worth approximately $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in SKYX Platforms during the 2nd quarter worth approximately $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 buying an additional 9,647 shares during the period. Finally, Byrne Asset Management LLC acquired a new stake in SKYX Platforms during the 3rd quarter worth approximately $47,000. 11.79% of the stock is currently owned by institutional investors and hedge funds.

SKYX Platforms Company Profile

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.