SKYX Platforms (NASDAQ:SKYX) Upgraded to Strong-Buy at Roth Capital

Roth Capital upgraded shares of SKYX Platforms (NASDAQ:SKYX) to a strong-buy rating in a report published on Tuesday, Zacks.com reports.

Other analysts also recently issued reports about the company. Benchmark restated a buy rating and issued a $5.00 target price on shares of SKYX Platforms in a research note on Tuesday, August 13th. Roth Mkm initiated coverage on SKYX Platforms in a report on Tuesday. They issued a buy rating and a $2.00 price target on the stock.

SKYX Platforms Trading Up 2.8 %

NASDAQ SKYX opened at $0.86 on Tuesday. The business’s 50-day moving average price is $0.96 and its two-hundred day moving average price is $1.02. SKYX Platforms has a 12 month low of $0.72 and a 12 month high of $1.95. The firm has a market capitalization of $86.54 million, a PE ratio of -1.88 and a beta of -2,864.85. The company has a current ratio of 0.77, a quick ratio of 0.62 and a debt-to-equity ratio of 0.88.

SKYX Platforms (NASDAQ:SKYX) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.03. The company had revenue of $21.45 million during the quarter, compared to analysts’ expectations of $22.00 million. SKYX Platforms had a negative net margin of 43.51% and a negative return on equity of 260.53%. During the same period in the prior year, the company posted ($0.15) earnings per share. On average, analysts expect that SKYX Platforms will post -0.36 EPS for the current year.

Hedge Funds Weigh In On SKYX Platforms

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYX. Vanguard Group Inc. raised its holdings in shares of SKYX Platforms by 11.4% in the 1st quarter. Vanguard Group Inc. now owns 2,679,872 shares of the company’s stock worth $3,511,000 after purchasing an additional 273,672 shares during the period. Choreo LLC increased its holdings in SKYX Platforms by 485.2% in the 1st quarter. Choreo LLC now owns 234,066 shares of the company’s stock worth $307,000 after acquiring an additional 194,066 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in SKYX Platforms during the second quarter worth about $79,000. Cantor Fitzgerald L. P. bought a new stake in shares of SKYX Platforms in the fourth quarter valued at approximately $85,000. Finally, Matrix Asset Advisors Inc. NY raised its holdings in SKYX Platforms by 333.3% during the 1st quarter. Matrix Asset Advisors Inc. NY now owns 65,000 shares of the company’s stock valued at $85,000 after acquiring an additional 50,000 shares during the period. 11.79% of the stock is owned by hedge funds and other institutional investors.

SKYX Platforms Company Profile

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.