SKYX Platforms (NASDAQ:SKYX) Posts Quarterly Earnings Results, Meets Expectations

SKYX Platforms (NASDAQ:SKYX) issued its quarterly earnings results on Monday. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07), FiscalAI reports. The business had revenue of $22.09 million during the quarter, compared to analyst estimates of $21.98 million.

SKYX Platforms Trading Down 11.4%

SKYX stock traded down $0.16 during trading on Monday, reaching $1.21. 2,630,693 shares of the stock were exchanged, compared to its average volume of 1,321,627. SKYX Platforms has a twelve month low of $0.96 and a twelve month high of $3.29. The company has a market capitalization of $160.60 million, a P/E ratio of -3.89 and a beta of -3,565.99. The stock has a 50 day simple moving average of $1.44 and a 200-day simple moving average of $1.87.

Institutional Investors Weigh In On SKYX Platforms

A number of institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC bought a new position in SKYX Platforms during the fourth quarter worth about $61,000. Invesco Ltd. lifted its stake in SKYX Platforms by 26.6% during the fourth quarter. Invesco Ltd. now owns 40,732 shares of the company’s stock worth $88,000 after purchasing an additional 8,547 shares during the period. XTX Topco Ltd lifted its stake in SKYX Platforms by 91.4% during the fourth quarter. XTX Topco Ltd now owns 53,075 shares of the company’s stock worth $115,000 after purchasing an additional 25,352 shares during the period. Quadrature Capital Ltd lifted its stake in SKYX Platforms by 50.5% during the fourth quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock worth $49,000 after purchasing an additional 7,575 shares during the period. Finally, Odyssean LLC bought a new position in SKYX Platforms during the fourth quarter worth about $95,000. 11.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on SKYX. Roth Mkm reaffirmed a “buy” rating and issued a $5.00 price target (up from $4.25) on shares of SKYX Platforms in a research report on Thursday, January 22nd. Wall Street Zen downgraded SKYX Platforms from a “hold” rating to a “sell” rating in a research report on Saturday, April 25th. Lake Street Capital assumed coverage on SKYX Platforms in a research report on Thursday, March 5th. They set a “buy” rating and a $5.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SKYX Platforms in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.00.

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.