BlackSky Technology (NYSE:BKSY) Stock Jumps 4.5% – Here’s What Happened

Shares of BlackSky Technology Inc. (NYSE:BKSY) traded up 4.5% during trading on Thursday. The company traded as high as $23.11 and last traded at $23.2580. 286,428 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,646,798 shares. The stock had previously closed at $22.25.

Wall Street Analysts Forecast Growth

BKSY has been the subject of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of BlackSky Technology in a report on Friday, July 17th. Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Jefferies Financial Group raised BlackSky Technology to a “hold” rating in a research report on Wednesday, June 10th. Finally, Clear Str raised BlackSky Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

BlackSky Technology Trading Up 0.1%

The company has a quick ratio of 5.72, a current ratio of 5.83 and a debt-to-equity ratio of 0.94. The company’s 50-day moving average is $24.18 and its 200 day moving average is $29.68. The company has a market cap of $948.65 million, a price-to-earnings ratio of -12.74 and a beta of 2.61.

BlackSky Technology (NYSE:BKSY) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.16). BlackSky Technology had a negative net margin of 61.24% and a negative return on equity of 51.24%. The business had revenue of $33.32 million during the quarter, compared to analysts’ expectations of $30.72 million. Research analysts predict that BlackSky Technology Inc. will post -1.09 EPS for the current year.

Insiders Place Their Bets

In other BlackSky Technology news, CEO Brian O’Toole sold 20,000 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $22.88, for a total transaction of $457,600.00. Following the completion of the transaction, the chief executive officer owned 1,043,396 shares of the company’s stock, valued at $23,872,900.48. This represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christiana Lin sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $23.10, for a total value of $138,600.00. Following the completion of the transaction, the chief accounting officer owned 421,680 shares in the company, valued at approximately $9,740,808. This trade represents a 1.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 138,557 shares of company stock worth $2,991,269. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tema ETFs LLC grew its holdings in shares of BlackSky Technology by 110,505.8% during the second quarter. Tema ETFs LLC now owns 1,446,724 shares of the company’s stock worth $40,393,000 after buying an additional 1,445,416 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of BlackSky Technology in the second quarter worth about $39,289,000. AWM Investment Company Inc. purchased a new position in shares of BlackSky Technology in the second quarter worth about $33,504,000. Daiwa Securities Group Inc. acquired a new position in BlackSky Technology during the fourth quarter worth about $16,395,000. Finally, Bank of America Corp DE boosted its position in BlackSky Technology by 156.1% during the first quarter. Bank of America Corp DE now owns 412,891 shares of the company’s stock worth $10,388,000 after acquiring an additional 251,638 shares during the last quarter. Hedge funds and other institutional investors own 27.15% of the company’s stock.

BlackSky Technology Company Profile

BlackSky Technology Inc is a space-based intelligence and geospatial analytics company that provides timely Earth-observation data and analysis to government and commercial customers. The company operates a satellite constellation designed to collect high-resolution imagery and support persistent monitoring of locations and activities around the world.

BlackSky’s offerings include satellite imagery, automated change detection, geospatial intelligence, and artificial intelligence-powered analytics.