SKYX Platforms (NASDAQ:SKYX) Stock Rating Raised to “Hold” at Wall Street Zen

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

SKYX has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Friday, July 17th. Lake Street Capital decreased their price objective on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, SKYX Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $4.67.

SKYX Platforms Trading Up 1.7%

NASDAQ SKYX opened at $1.23 on Friday. SKYX Platforms has a 12 month low of $0.95 and a 12 month high of $3.29. The stock has a 50-day simple moving average of $1.23 and a 200 day simple moving average of $1.22. The company has a current ratio of 1.46, a quick ratio of 1.28 and a debt-to-equity ratio of 2.60. The company has a market capitalization of $166.58 million, a PE ratio of -4.56 and a beta of -3,491.36.

SKYX Platforms (NASDAQ:SKYX) last issued its 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 business had revenue of $25.27 million during the quarter, compared to analysts’ expectations of $24.07 million. Research analysts forecast that SKYX Platforms will post -0.22 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kanen Wealth Management LLC bought a new stake in shares of SKYX Platforms in the first quarter worth about $1,288,000. Allied Private Wealth LLC bought a new position in shares of SKYX Platforms during the 2nd quarter valued at about $1,326,000. BlackRock Inc. acquired a new position in shares of SKYX Platforms in the 2nd quarter valued at approximately $1,100,000. Renaissance Technologies LLC grew its position in shares of 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 period. Finally, Clear Harbor Asset Management LLC bought a new stake in SKYX Platforms during the 2nd quarter worth approximately $853,000. 11.79% of the stock is 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.