BlackSky Technology (NYSE:BKSY) Shares Down 8.4% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY)’s stock price fell 8.4% during trading on Tuesday . The stock traded as low as $25.75 and last traded at $25.4010. 906,010 shares traded hands during trading, a decline of 39% from the average session volume of 1,475,277 shares. The stock had previously closed at $27.74.

Wall Street Analyst Weigh In

Several research firms recently commented on BKSY. Jefferies Financial Group initiated coverage on BlackSky Technology in a research report on Monday, December 22nd. They set a “buy” rating and a $23.00 price target on the stock. Wall Street Zen upgraded shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a research note on Saturday. HC Wainwright restated a “buy” rating and issued a $42.00 target price on shares of BlackSky Technology in a research note on Friday, February 27th. Canaccord Genuity Group lowered their price target on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research note on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, BlackSky Technology currently has a consensus rating of “Moderate Buy” and an average price target of $27.40.

BlackSky Technology Stock Down 8.7%

The firm has a fifty day simple moving average of $23.72 and a 200-day simple moving average of $21.55. The company has a market capitalization of $937.16 million, a PE ratio of -11.78 and a beta of 2.44. The company has a debt-to-equity ratio of 2.04, a quick ratio of 3.37 and a current ratio of 3.48.

BlackSky Technology (NYSE:BKSY) last released its earnings results on Thursday, February 26th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.06. BlackSky Technology had a negative return on equity of 53.94% and a negative net margin of 65.93%.The company had revenue of $35.21 million during the quarter, compared to analysts’ expectations of $37.13 million. Equities research analysts anticipate that BlackSky Technology Inc. will post -2.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. raised its stake in shares of BlackSky Technology by 1.6% in the 3rd quarter. Griffin Asset Management Inc. now owns 48,856 shares of the company’s stock valued at $984,000 after purchasing an additional 746 shares in the last quarter. Arax Advisory Partners increased its holdings in BlackSky Technology by 15.2% in the fourth quarter. Arax Advisory Partners now owns 5,985 shares of the company’s stock valued at $112,000 after buying an additional 791 shares during the last quarter. IFP Advisors Inc increased its holdings in BlackSky Technology by 57.9% in the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock valued at $45,000 after buying an additional 826 shares during the last quarter. Legal & General Group Plc raised its stake in BlackSky Technology by 40.5% during the second quarter. Legal & General Group Plc now owns 3,118 shares of the company’s stock valued at $64,000 after buying an additional 899 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in BlackSky Technology by 5.6% during the third quarter. Concurrent Investment Advisors LLC now owns 19,042 shares of the company’s stock valued at $384,000 after buying an additional 1,010 shares in the last quarter. 27.15% of the stock is owned by institutional investors and hedge funds.

About BlackSky Technology

BlackSky Technology, Inc operates Earth observation and geospatial intelligence services through a constellation of small satellites and an analytics platform. The company collects and processes high-revisit satellite imagery, enabling near-real-time monitoring of global events and locations. Clients across government, defense and commercial sectors leverage BlackSky’s imagery and data to support decision-making in areas such as supply chain monitoring, humanitarian aid, infrastructure management and security operations.

Founded in 2014 as part of Spaceflight Industries, BlackSky has grown its satellite constellation and analytics capabilities to deliver satellite imagery with high revisit rates and rapid tasking.