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Florida Tech Stock Comes Out With Record Sales
Contributed Opinion

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In light of recent news, Technical Analyst Clive Maund takes a look at Skyx Platforms Corp. to explain why he believes it is currently a Strong Buy.

Further to the comprehensive article of March 25 looking at Skyx Platforms Corp. (SKYX:NASDAQ) in which amazement was expressed that its stock is at such a low price given what it has already accomplished, the company came out with stellar results last night after the close that showed BIG increases in revenue last year and HUGE increases in market penetration and increasingly widespread acceptance of its products.

The main issue for the company and its stock up to now has, of course, been cash burn since it has taken a lot of money to develop its products and develop the relationships necessary to move things forward and secure regulatory approval, etc. However, these latest stunning results show that the company is rapidly advancing on all fronts and overcoming these obstacles, so management anticipates that it will become cash flow positive in 2025.

A key point to remember with Skyx is that the potential market for its products is truly gigantic, and it has established a range of patents to ensure that other companies don't come elbowing in to steal a large part of its market.

How the market reacts to these latest results depends to a large extent on the degree to which they have been anticipated and discounted. From the look of the stock chart, with the dip in recent days, they do not appear to have been either anticipated or discounted. So, it will be interesting to see how the stock responds in the coming days. As detailed in the main article, the stock is believed to be forming a big Double Bottom at a low level.

Reviewing the latest stock chart for Skyx, we see that there was a false break lower late last month, which we identified as such at the time. This false breakdown was followed by a recovery, but the stock is still battling some overhanging supply above US$1.40 and negatively aligned moving averages. It therefore be interesting to see if these latest, most encouraging results and projections bring in some serious buying.

This is what is expected.

Skyx Platforms, therefore, continues to be rated as a Strong Buy in this area.

Skyx Platforms' website.

Here are the latest results as posted on the company's website.

SKYX Platforms Corp. (SKYX:NASDAQ) closed at US$1.26 on April 1, 2024.

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Important Disclosures:

  1. SKYX Platforms Corp. has a two-year consulting relationship with Street Smart, an affiliate of Streetwise Reports, and pays US$84,000 per year in stock for such services.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyx Platforms Corp.
  3. Author Certification and Compensation: [Clive Maund of] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing this article. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in this content accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed
  4. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy. 
  5.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here. Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

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