SKYX Platforms (NASDAQ:SKYX) Trading Down 0.9% - Should You Sell?

SKYX Platforms Corp. (NASDAQ:SKYX - Get Free Report)'s share price was down 0.9% on Friday . The stock traded as low as $1.07 and last traded at $1.12. Approximately 181,348 shares changed hands during trading, a decline of 46% from the average daily volume of 338,760 shares. The stock had previously closed at $1.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SKYX. Roth Mkm assumed coverage on shares of SKYX Platforms in a research report on Tuesday, September 10th. They set a "buy" rating and a $2.00 price objective for the company. Roth Capital upgraded SKYX Platforms to a "strong-buy" rating in a research report on Tuesday, September 10th. Finally, Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of SKYX Platforms in a research report on Tuesday, August 13th.

SKYX Platforms Trading Down 0.9 %

The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.47 and a current ratio of 0.62. The company has a market capitalization of $114.80 million, a PE ratio of -2.80 and a beta of -2,824.47. The stock has a fifty day moving average of $1.16 and a 200 day moving average of $1.02.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The firm had revenue of $22.17 million for the quarter, compared to the consensus estimate of $23.70 million. SKYX Platforms had a negative net margin of 44.92% and a negative return on equity of 353.92%. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts predict that SKYX Platforms Corp. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of SKYX Platforms

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in SKYX Platforms by 11.4% during the first quarter. Vanguard Group Inc. now owns 2,679,872 shares of the company's stock valued at $3,511,000 after purchasing an additional 273,672 shares during the last quarter. Matrix Asset Advisors Inc. NY lifted its holdings in shares of SKYX Platforms by 53.8% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 100,000 shares of the company's stock valued at $95,000 after acquiring an additional 35,000 shares during the last quarter. Choreo LLC grew its position in SKYX Platforms by 22.5% in the second quarter. Choreo LLC now owns 286,746 shares of the company's stock worth $266,000 after acquiring an additional 52,680 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in SKYX Platforms in the second quarter worth about $79,000. Finally, XTX Topco Ltd bought a new stake in SKYX Platforms during the third quarter worth approximately $45,000. Institutional investors own 11.79% of the company's stock.

About SKYX Platforms

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.

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