Short Interest in SKYX Platforms Corp. (NASDAQ:SKYX) Increases By 24.2%

SKYX Platforms Corp. (NASDAQ:SKYX) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 4,358,993 shares, an increase of 24.2% from the March 15th total of 3,510,393 shares. Currently, 4.7% of the company’s stock are sold short. Based on an average daily trading volume, of 1,291,216 shares, the days-to-cover ratio is currently 3.4 days.

Wall Street Analyst Weigh In

Several brokerages recently commented on SKYX. Weiss Ratings reiterated a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday, January 22nd. Lake Street Capital began coverage on SKYX Platforms in a report on Thursday, March 5th. They set a “buy” rating and a $5.00 target price on the stock. Finally, Roth Mkm reiterated a “buy” rating and set a $5.00 target price (up from $4.25) on shares of SKYX Platforms in a report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

Hedge Funds Weigh In On SKYX Platforms

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of SKYX Platforms by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company’s stock valued at $3,726,000 after purchasing an additional 235,625 shares in the last quarter. Geode Capital Management LLC raised its position in shares of SKYX Platforms by 14.8% in the 4th quarter. Geode Capital Management LLC now owns 1,742,309 shares of the company’s stock valued at $3,782,000 after purchasing an additional 224,297 shares in the last quarter. State Street Corp raised its position in shares of SKYX Platforms by 30.6% in the 4th quarter. State Street Corp now owns 904,978 shares of the company’s stock valued at $1,964,000 after purchasing an additional 212,164 shares in the last quarter. Clear Harbor Asset Management LLC raised its position in shares of SKYX Platforms by 7.0% in the 4th quarter. Clear Harbor Asset Management LLC now owns 621,635 shares of the company’s stock valued at $1,349,000 after purchasing an additional 40,560 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of SKYX Platforms by 163.0% in the 2nd quarter. Corient Private Wealth LLC now owns 446,981 shares of the company’s stock valued at $467,000 after purchasing an additional 277,000 shares in the last quarter. 11.79% of the stock is owned by institutional investors and hedge funds.

SKYX Platforms Stock Up 3.5%

Shares of SKYX opened at $1.17 on Friday. The business’s 50 day moving average is $1.68 and its two-hundred day moving average is $1.87. SKYX Platforms has a 52-week low of $0.96 and a 52-week high of $3.29. The firm has a market cap of $155.94 million, a price-to-earnings ratio of -3.77 and a beta of -3,706.21.

SKYX Platforms (NASDAQ:SKYX) last announced its earnings results on Thursday, March 26th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The business had revenue of $24.94 million during the quarter, compared to the consensus estimate of $25.12 million. On average, equities analysts expect that SKYX Platforms will post -0.34 earnings per share for the current fiscal year.

About SKYX Platforms

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.