SKYX Platforms (NASDAQ:SKYX) Stock Rating Lowered by Wall Street Zen

SKYX Platforms (NASDAQ:SKYX) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Sunday, Wall Street Zen reports.

Several other equities analysts have also recently issued reports on SKYX. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Thursday, October 15th. Lake Street Capital decreased their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.50.

SKYX Platforms Price Performance

Shares of SKYX Platforms stock opened at $0.73 on Friday. 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 has a 1 year low of $0.67 and a 1 year high of $3.29. The company’s fifty day moving average is $1.08 and its two-hundred day moving average is $1.34.

SKYX Platforms (NASDAQ:SKYX) last announced its earnings results on Wednesday, August 12th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $25.27 million for the quarter, compared to analyst estimates of $24.07 million. As a group, sell-side analysts forecast that SKYX Platforms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of SKYX Platforms

Hedge funds have recently made changes to their positions in the company. Kanen Wealth Management LLC acquired a new position in SKYX Platforms during the first quarter worth $1,288,000. Allied Private Wealth LLC acquired a new stake in SKYX Platforms in the second quarter valued at $1,326,000. BlackRock Inc. purchased a new position in shares of SKYX Platforms in the second quarter valued at $1,100,000. Renaissance Technologies LLC increased its position in shares of SKYX Platforms by 243.9% in 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 in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of SKYX Platforms in the second quarter valued at $853,000. Institutional investors and hedge funds own 11.79% of the company’s stock.

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.