BlackSky Technology (NYSE:BKSY) Shares Up 6.6% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY) shares shot up 6.6% on Friday . The company traded as high as $22.65 and last traded at $22.87. 545,962 shares were traded during trading, a decline of 71% from the average daily volume of 1,886,412 shares. The stock had previously closed at $21.46.

Analyst Upgrades and Downgrades

BKSY has been the subject of several analyst reports. Jefferies Financial Group raised shares of BlackSky Technology to a “hold” rating in a research note on Wednesday, June 10th. Weiss Ratings restated a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Finally, Wall Street Zen downgraded BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $36.50.

BlackSky Technology Stock Up 7.5%

The stock’s 50-day moving average price is $34.54 and its 200-day moving average price is $29.36. The company has a current ratio of 3.46, a quick ratio of 3.34 and a debt-to-equity ratio of 2.39. The stock has a market cap of $856.02 million, a price-to-earnings ratio of -9.02 and a beta of 2.59.

BlackSky Technology (NYSE:BKSY) last announced its earnings results on Thursday, May 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.45). The firm had revenue of $20.77 million for the quarter, compared to the consensus estimate of $27.60 million. BlackSky Technology had a negative return on equity of 74.25% and a negative net margin of 89.07%. On average, sell-side analysts expect that BlackSky Technology Inc. will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On BlackSky Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in BlackSky Technology in the fourth quarter worth approximately $26,000. Strive Financial Group LLC acquired a new position in shares of BlackSky Technology during the 4th quarter valued at $26,000. Global Retirement Partners LLC acquired a new position in shares of BlackSky Technology during the 4th quarter valued at $28,000. Wexford Capital LP bought a new position in BlackSky Technology during the third quarter worth $30,000. Finally, IFP Advisors Inc grew 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 worth $45,000 after purchasing an additional 826 shares during the period. 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.