SKYX Platforms (NASDAQ:SKYX) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

SKYX Platforms (NASDAQ:SKYX) issued its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.05, FiscalAI reports. SKYX Platforms had a negative return on equity of 3,407.81% and a negative net margin of 41.24%.The company had revenue of $23.89 million for the quarter, compared to the consensus estimate of $24.45 million.

SKYX Platforms Stock Up 2.5%

SKYX traded up $0.04 on Wednesday, hitting $1.62. 455,215 shares of the company traded hands, compared to its average volume of 564,121. SKYX Platforms has a 12-month low of $0.88 and a 12-month high of $2.14. The company has a 50 day moving average of $1.35 and a 200-day moving average of $1.25. The stock has a market capitalization of $183.90 million, a PE ratio of -4.50 and a beta of -3,843.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Zacks Research raised shares of SKYX Platforms to a “hold” rating in a research report on Monday, September 15th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Wednesday, October 8th. Litchfield Hills Research began coverage on SKYX Platforms in a report on Friday, October 17th. They set a “buy” rating and a $5.00 price target for the company. Wall Street Zen upgraded SKYX Platforms from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Roth Capital upgraded SKYX Platforms to a “strong-buy” rating in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, SKYX Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Hedge Funds Weigh In On SKYX Platforms

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYX. Invesco Ltd. purchased a new stake in shares of SKYX Platforms in the second quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in SKYX Platforms in the 2nd quarter valued at approximately $35,000. JPMorgan Chase & Co. increased its position in SKYX Platforms by 31.7% during 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. New York State Common Retirement Fund acquired a new stake in shares of SKYX Platforms in the 2nd quarter valued at approximately $82,000. Finally, Jane Street Group LLC boosted its stake in shares of SKYX Platforms by 258.5% in the first quarter. Jane Street Group LLC now owns 190,265 shares of the company’s stock valued at $217,000 after buying an additional 137,193 shares in the last quarter. 11.79% of the stock is currently 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.