Kanen Wealth Management LLC Buys Shares of 1,150,121 SKYX Platforms Corp. $SKYX

Kanen Wealth Management LLC purchased a new position in shares of SKYX Platforms Corp. (NASDAQ:SKYX) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,150,121 shares of the company’s stock, valued at approximately $1,288,000. SKYX Platforms makes up about 0.5% of Kanen Wealth Management LLC’s investment portfolio, making the stock its 26th largest holding. Kanen Wealth Management LLC owned approximately 0.86% of SKYX Platforms as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SKYX. Arrowstreet Capital Limited Partnership purchased a new stake in shares of SKYX Platforms in the 1st quarter valued at $80,000. Bank of New York Mellon Corp lifted its stake in SKYX Platforms by 22.5% during the 1st quarter. Bank of New York Mellon Corp now owns 175,683 shares of the company’s stock worth $197,000 after acquiring an additional 32,212 shares in the last quarter. North Star Investment Management Corp. purchased a new position in SKYX Platforms during the 1st quarter valued at about $90,000. Vise Technologies Inc. purchased a new position in SKYX Platforms during the 4th quarter valued at about $35,000. Finally, JPMorgan Chase & Co. grew its position in SKYX Platforms by 31.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock valued at $45,000 after acquiring an additional 9,647 shares in the last quarter. 11.79% of the stock is currently owned by hedge funds and other institutional investors.

SKYX Platforms Trading Down 0.9%

NASDAQ:SKYX opened at $1.15 on Wednesday. SKYX Platforms Corp. has a 12-month low of $0.95 and a 12-month high of $3.29. The firm has a market cap of $154.65 million, a PE ratio of -3.97 and a beta of -3,527.10. The company has a current ratio of 1.70, a quick ratio of 1.55 and a debt-to-equity ratio of 1.37. The stock has a fifty day moving average price of $1.12 and a 200 day moving average price of $1.52.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $22.09 million for the quarter, compared to analysts’ expectations of $21.98 million. Sell-side analysts anticipate that SKYX Platforms Corp. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SKYX shares. Wall Street Zen lowered shares of SKYX Platforms from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.00.

SKYX Platforms 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.