BlackSky Technology (NYSE:BKSY) Shares Down 5.6% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) was down 5.6% on Wednesday . The company traded as low as $21.10 and last traded at $20.46. Approximately 223,967 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,702,910 shares. The stock had previously closed at $21.68.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BKSY shares. HC Wainwright raised their price objective on BlackSky Technology from $28.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Jefferies Financial Group began coverage on shares of BlackSky Technology in a report on Monday. They set a “buy” rating and a $23.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

BlackSky Technology Stock Down 2.9%

The firm has a market cap of $757.41 million, a price-to-earnings ratio of -6.68 and a beta of 2.41. The stock has a 50-day moving average of $18.96 and a 200-day moving average of $19.32. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 2.08.

BlackSky Technology (NYSE:BKSY) last issued its earnings results on Thursday, November 6th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.02. The firm had revenue of $19.62 million for the quarter, compared to analyst estimates of $28.67 million. BlackSky Technology had a negative return on equity of 54.48% and a negative net margin of 87.11%. As a group, sell-side analysts forecast that BlackSky Technology Inc. will post -2.28 EPS for the current fiscal year.

Institutional Trading of BlackSky Technology

Several hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in BlackSky Technology by 343.7% in the first quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock worth $4,311,000 after purchasing an additional 432,023 shares during the period. Geode Capital Management LLC lifted its stake in shares of BlackSky Technology by 7.3% in the 2nd quarter. Geode Capital Management LLC now owns 612,919 shares of the company’s stock worth $12,616,000 after acquiring an additional 41,922 shares during the period. American Century Companies Inc. acquired a new stake in shares of BlackSky Technology in the 1st quarter worth approximately $127,000. LBP AM SA boosted its holdings in shares of BlackSky Technology by 198.1% in the second quarter. LBP AM SA now owns 112,905 shares of the company’s stock valued at $2,324,000 after acquiring an additional 75,024 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. acquired a new position in shares of BlackSky Technology during the second quarter valued at approximately $1,049,000. 27.15% of the stock is currently owned by institutional investors.

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.