BlackSky Technology (NYSE:BKSY) Trading Down 7.1% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY) was down 7.1% during trading on Thursday . The company traded as low as $26.34 and last traded at $25.9150. Approximately 246,153 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,758,203 shares. The stock had previously closed at $27.90.

Analysts Set New Price Targets

A number of research firms have issued reports on BKSY. Clear Str raised shares of BlackSky Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Jefferies Financial Group upgraded shares of BlackSky Technology to a “hold” rating in a research note on Wednesday, June 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Friday, July 17th. Finally, Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. One equities research 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 issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.33.

BlackSky Technology Stock Performance

The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -14.46 and a beta of 2.61. The firm has a fifty day moving average of $26.59 and a 200 day moving average of $29.53. The company has a debt-to-equity ratio of 0.94, a current ratio of 5.83 and a quick ratio of 5.72.

BlackSky Technology (NYSE:BKSY) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $33.32 million for the quarter, compared to analysts’ expectations of $30.72 million. On average, sell-side analysts anticipate that BlackSky Technology Inc. will post -1.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of BlackSky Technology by 392.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock valued at $38,860,000 after acquiring an additional 1,652,014 shares during the period. Tema ETFs LLC raised its holdings in BlackSky Technology by 110,505.8% in the 2nd quarter. Tema ETFs LLC now owns 1,446,724 shares of the company’s stock worth $40,393,000 after purchasing an additional 1,445,416 shares during the period. AWM Investment Company Inc. purchased a new stake in shares of BlackSky Technology in the second quarter valued at approximately $33,504,000. Daiwa Securities Group Inc. acquired a new position in shares of BlackSky Technology during the 4th quarter worth approximately $16,395,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of BlackSky Technology by 343.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock worth $4,311,000 after buying an additional 432,023 shares during the period. Hedge funds and other institutional investors own 27.15% of the company’s stock.

BlackSky Technology Company Profile

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.