Short Interest in SKYX Platforms Corp. (NASDAQ:SKYX) Increases By 30.8%

SKYX Platforms Corp. (NASDAQ:SKYX) saw a significant growth in short interest in December. As of December 31st, there was short interest totaling 2,805,918 shares, a growth of 30.8% from the December 15th total of 2,145,698 shares. Based on an average daily volume of 839,521 shares, the days-to-cover ratio is currently 3.3 days. Currently, 3.5% of the company’s stock are sold short. Currently, 3.5% of the company’s stock are sold short. Based on an average daily volume of 839,521 shares, the days-to-cover ratio is currently 3.3 days.

Hedge Funds Weigh In On SKYX Platforms

A number of hedge funds have recently bought and sold shares of SKYX. Intech Investment Management LLC purchased 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 during the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in SKYX Platforms in the second quarter worth approximately $35,000. JPMorgan Chase & Co. grew its position in SKYX Platforms by 31.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after purchasing an additional 9,647 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in SKYX Platforms during the 3rd quarter valued at $47,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Stock Up 5.9%

Shares of NASDAQ SKYX traded up $0.14 during midday trading on Friday, hitting $2.53. The stock had a trading volume of 1,286,362 shares, compared to its average volume of 1,131,206. The business’s 50 day moving average is $2.12 and its 200-day moving average is $1.54. SKYX Platforms has a 52 week low of $0.88 and a 52 week high of $2.57. The company has a market cap of $287.79 million, a P/E ratio of -7.23 and a beta of -3,945.51.

SKYX Platforms (NASDAQ:SKYX) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $23.89 million for the quarter, compared to the consensus estimate of $24.45 million. As a group, analysts expect that SKYX Platforms will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SKYX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SKYX Platforms in a research report on Wednesday, October 8th. Roth Capital raised shares of SKYX Platforms to a “strong-buy” rating in a research report on Friday, October 17th. Litchfield Hills Research assumed coverage on shares of SKYX Platforms in a research note on Friday, October 17th. They set a “buy” rating and a $5.00 price objective on the stock. Finally, Wall Street Zen raised shares of SKYX Platforms from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SKYX Platforms has a consensus rating of “Moderate Buy” and a consensus price target of $5.00.

About SKYX Platforms

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.