BlackSky Technology (NYSE:BKSY) Shares Gap Up After Strong Earnings

BlackSky Technology Inc. (NYSE:BKSY) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $16.77, but opened at $19.07. BlackSky Technology shares last traded at $18.7410, with a volume of 510,797 shares trading hands.

The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.33. The business had revenue of $42.84 million for the quarter, compared to the consensus estimate of $39.64 million. BlackSky Technology had a negative net margin of 61.24% and a negative return on equity of 51.24%.

Wall Street Analysts Forecast Growth

BKSY has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research note on Thursday, October 15th. Wall Street Zen upgraded BlackSky Technology from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Clear Str raised BlackSky Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, BlackSky Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Insiders Place Their Bets

In other news, CAO Christiana Lin sold 13,052 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $20.95, for a total transaction of $273,439.40. Following the sale, the chief accounting officer directly owned 427,680 shares of the company’s stock, valued at $8,959,896. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Brian O’Toole sold 56,280 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $20.95, for a total value of $1,179,066.00. Following the sale, the chief executive officer owned 1,063,396 shares in the company, valued at $22,278,146.20. This trade represents a 5.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 168,557 shares of company stock worth $3,497,029. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Asset One Wealth Management LLC acquired a new stake in BlackSky Technology in the 3rd quarter valued at $624,000. Oppenheimer & Co. Inc. raised its position in BlackSky Technology by 66.0% during the third quarter. Oppenheimer & Co. Inc. now owns 297,939 shares of the company’s stock worth $6,349,000 after acquiring an additional 118,421 shares during the period. Sterling Capital Management LLC lifted its holdings in BlackSky Technology by 935.6% during the third quarter. Sterling Capital Management LLC now owns 1,222 shares of the company’s stock valued at $26,000 after purchasing an additional 1,104 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in BlackSky Technology by 20.0% during the third quarter. Vontobel Holding Ltd. now owns 11,939 shares of the company’s stock valued at $254,000 after purchasing an additional 1,992 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of BlackSky Technology in the third quarter valued at about $41,000. Hedge funds and other institutional investors own 27.15% of the company’s stock.

BlackSky Technology Trading Up 8.0%

The company’s 50-day moving average price is $20.57 and its 200-day moving average price is $27.04. The firm has a market cap of $741.10 million, a price-to-earnings ratio of -9.95 and a beta of 2.84. The company has a quick ratio of 5.72, a current ratio of 5.83 and a debt-to-equity ratio of 0.94.

BlackSky Technology Company Profile

BlackSky Technology Inc is a space-based intelligence and geospatial analytics company that provides high-frequency monitoring of activity and changes on Earth. The company combines satellite imagery, artificial intelligence and machine learning, and other data sources to help customers identify and analyze events and locations of interest.

BlackSky operates a constellation of Earth-observation satellites and delivers imagery, alerts, and analytical products through its Spectra platform.