Here's Why Skyx Platforms Stock Absolutely Skyrocketed Today

Shares of property-technology company Skyx Platforms (NASDAQ: SKYX) absolutely skyrocketed on Thursday after the under-the-radar stock got a bold vote of confidence from a prominent analyst. As of 1:30 p.m. ET, shares were up a stunning 78%. The stock has soared roughly 250% over just the past month.

In partnership with General Electric, Skyx Platforms has created a novel way for homeowners to mount ceiling fans. It hopes to make homes safer by limiting potential exposure to wires when changing fixtures. And it also aims to make homes smarter with smart hardware devices and an accompanying mobile platform.

Benchmark analyst Michael Legg initiated coverage of Skyx stock yesterday afternoon with a bold price target of $15 per share, according to The Fly. That's roughly four times its closing price on Wednesday. And apparently that was enough to send the stock rocketing skyward.

Source Fool.com