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

SKYX Platforms (NASDAQ:SKYX) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on SKYX. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday, October 15th. Lake Street Capital lowered their price target on SKYX Platforms from $5.00 to $4.00 and set a “buy” rating on the stock in a 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.50.

SKYX Platforms Stock Performance

Shares of SKYX Platforms stock opened at $0.78 on Friday. SKYX Platforms has a fifty-two week low of $0.75 and a fifty-two week high of $3.29. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.28 and a current ratio of 1.46. The firm has a market capitalization of $107.51 million, a price-to-earnings ratio of -2.88 and a beta of -3,621.31. The stock has a 50 day moving average of $1.14 and a 200 day moving average of $1.39.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.06) earnings per share 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. As a group, research analysts predict that SKYX Platforms will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On SKYX Platforms

Several institutional investors and hedge funds have recently made changes to their positions in the company. Baxter Bros Inc. bought a new position in SKYX Platforms during the second quarter valued at about $25,000. Hsbc Holdings PLC acquired a new position in SKYX Platforms during the second quarter valued at $30,000. Bank of America Corp DE acquired a new stake in SKYX Platforms during the second quarter worth about $50,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of SKYX Platforms in the 1st quarter valued at about $80,000. Finally, Byrne Asset Management LLC lifted its holdings in SKYX Platforms by 34.7% in the second quarter. Byrne Asset Management LLC now owns 142,800 shares of the company’s stock valued at $159,000 after acquiring an additional 36,800 shares during the period. Institutional investors and hedge funds own 11.79% of the company’s stock.

About SKYX Platforms

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.