Lake Street Capital Initiates Coverage on SKYX Platforms (NASDAQ:SKYX)

Research analysts at Lake Street Capital initiated coverage on shares of SKYX Platforms (NASDAQ:SKYX) in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $5.00 price target on the stock. Lake Street Capital’s price objective points to a potential upside of 165.96% from the stock’s previous close.

SKYX has been the subject of a number of other reports. Wall Street Zen upgraded SKYX Platforms from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Thursday, January 22nd. Finally, Roth Mkm reiterated a “buy” rating and issued a $5.00 target price (up from $4.25) on shares of SKYX Platforms in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.00.

SKYX Platforms Price Performance

Shares of SKYX stock opened at $1.88 on Thursday. The firm has a fifty day moving average of $2.26 and a two-hundred day moving average of $1.82. The firm has a market cap of $228.44 million, a P/E ratio of -5.37 and a beta of -3,941.08. SKYX Platforms has a 1-year low of $0.88 and a 1-year high of $3.29.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Intech Investment Management LLC bought a new stake in shares of SKYX Platforms during the 2nd quarter valued at about $32,000. Invesco Ltd. bought a new position in SKYX Platforms in the second quarter worth about $34,000. Vise Technologies Inc. acquired a new position in SKYX Platforms in the fourth quarter valued at approximately $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in SKYX Platforms in the second quarter valued at approximately $35,000. Finally, JPMorgan Chase & Co. grew its holdings 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 purchasing an additional 9,647 shares during the last quarter. 11.79% of the stock is owned by institutional investors and hedge funds.

SKYX Platforms Company 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.