SKYX Platforms (NASDAQ:SKYX) Releases Earnings Results, Beats Expectations By $0.01 EPS

SKYX Platforms (NASDAQ:SKYX) announced its earnings results on Wednesday. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01, Zacks reports. SKYX Platforms had a negative net margin of 39.35% and a negative return on equity of 3,407.81%. The business had revenue of $23.89 million during the quarter, compared to the consensus estimate of $24.45 million.

SKYX Platforms Price Performance

Shares of SKYX Platforms stock opened at $1.53 on Friday. The stock’s 50-day moving average is $1.36 and its 200 day moving average is $1.25. SKYX Platforms has a one year low of $0.88 and a one year high of $2.14. The firm has a market cap of $173.69 million, a price-to-earnings ratio of -4.37 and a beta of -3,843.83.

Institutional Investors Weigh In On SKYX Platforms

A number of hedge funds have recently added to or reduced their stakes in SKYX. Vanguard Group Inc. increased its holdings in SKYX Platforms by 7.6% during the 3rd quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company’s stock worth $3,726,000 after purchasing an additional 235,625 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of SKYX Platforms by 31.7% during the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock valued at $45,000 after buying an additional 9,647 shares during the last quarter. Corient Private Wealth LLC grew its holdings in SKYX Platforms by 163.0% during the second quarter. Corient Private Wealth LLC now owns 446,981 shares of the company’s stock worth $467,000 after buying an additional 277,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in SKYX Platforms during the second quarter worth $35,000. Finally, Invesco Ltd. purchased a new stake in SKYX Platforms in the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 11.79% of the company’s stock.

Analyst Upgrades and Downgrades

SKYX has been the topic of a number of analyst reports. Zacks Research upgraded shares of SKYX Platforms to a “hold” rating in a research report on Monday, September 15th. Wall Street Zen raised SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Wednesday, October 8th. Roth Capital upgraded SKYX Platforms to a “strong-buy” rating in a research report on Friday, October 17th. Finally, Litchfield Hills Research started coverage on SKYX Platforms in a report on Friday, October 17th. They set a “buy” rating and a $5.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.00.

About SKYX Platforms

SKYX Platforms Corp. provides a series of safe-smart platform technologies. The company’s first and second-generation technologies enable light fixtures, ceiling fans, and other electrically wired products to be installed and plugged into a ceiling’s electrical outlet box. It also provides universal power-plugs and receptacle products.