SKYX Platforms Corp. (NASDAQ:SKYX) Sees Large Growth in Short Interest

SKYX Platforms Corp. (NASDAQ:SKYX) was the target of a significant growth in short interest in February. As of February 27th, there was short interest totaling 3,018,092 shares, a growth of 16.8% from the February 12th total of 2,584,495 shares. Based on an average daily volume of 743,699 shares, the short-interest ratio is currently 4.1 days. Approximately 3.5% of the company’s stock are sold short. Approximately 3.5% of the company’s stock are sold short. Based on an average daily volume of 743,699 shares, the short-interest ratio is currently 4.1 days.

Analysts Set New Price Targets

A number of brokerages have recently commented on SKYX. Roth Mkm reissued 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a research report on Thursday, January 22nd. Finally, Lake Street Capital started coverage on SKYX Platforms in a research note on Thursday, March 5th. They set a “buy” rating and a $5.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SKYX Platforms currently has a consensus rating of “Hold” and an average target price of $5.00.

Institutional Trading of SKYX Platforms

Several institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in shares of SKYX Platforms during the second quarter valued at $32,000. Invesco Ltd. bought a new position in SKYX Platforms during the 2nd quarter valued at about $34,000. Vise Technologies Inc. bought a new position in SKYX Platforms during the 4th quarter valued at about $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of SKYX Platforms during the 2nd quarter valued at about $35,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of SKYX Platforms by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock valued at $45,000 after acquiring an additional 9,647 shares during the last quarter. 11.79% of the stock is currently owned by hedge funds and other institutional investors.

SKYX Platforms Stock Performance

Shares of SKYX Platforms stock opened at $1.65 on Thursday. The company has a 50-day simple moving average of $2.18 and a two-hundred day simple moving average of $1.86. The stock has a market capitalization of $200.49 million, a PE ratio of -4.71 and a beta of -3,941.08. SKYX Platforms has a 52-week low of $0.88 and a 52-week high of $3.29.

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.