SKYX Platforms (NASDAQ:SKYX) Downgraded by Wall Street Zen to Sell

Wall Street Zen lowered shares of SKYX Platforms (NASDAQ:SKYX) from a hold rating to a sell rating in a research note released on Sunday,Wall Street Zen reports.

Several other brokerages also recently weighed in on SKYX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday, October 15th. Lake Street Capital lowered their price objective on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $4.50.

SKYX Platforms Price Performance

SKYX Platforms stock opened at $0.73 on Friday. SKYX Platforms has a twelve month low of $0.67 and a twelve month high of $3.29. The stock has a 50 day moving average of $1.09 and a two-hundred day moving average of $1.34. 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 stock has a market capitalization of $100.47 million, a price-to-earnings ratio of -2.69 and a beta of -3,621.31.

SKYX Platforms (NASDAQ:SKYX) last announced its earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $25.27 million during the quarter, compared to the consensus estimate of $24.07 million. As a group, research analysts expect that SKYX Platforms will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On SKYX Platforms

A number of hedge funds have recently added to or reduced their stakes in SKYX. BlackRock Inc. acquired a new stake in shares of SKYX Platforms in the 2nd quarter valued at approximately $1,100,000. Kanen Wealth Management LLC purchased a new stake in shares of SKYX Platforms in the first quarter valued at approximately $1,288,000. Renaissance Technologies LLC grew its holdings in SKYX Platforms by 243.9% during the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock worth $1,368,000 after acquiring an additional 866,287 shares during the period. Allied Private Wealth LLC acquired a new position in SKYX Platforms during the second quarter worth $1,326,000. Finally, Corient Private Wealth LP acquired a new position in SKYX Platforms during the second quarter worth $778,000. 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.