BlackSky Technology (NYSE:BKSY) Shares Gap Up – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) gapped up before the market opened on Tuesday . The stock had previously closed at $21.91, but opened at $23.29. BlackSky Technology shares last traded at $23.8390, with a volume of 236,533 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BKSY shares. Jefferies Financial Group assumed coverage on BlackSky Technology in a report on Monday, December 22nd. They issued a “buy” rating and a $23.00 target price for the company. Canaccord Genuity Group decreased their price target on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research note on Wednesday, January 21st. Wall Street Zen raised BlackSky Technology from a “strong sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, HC Wainwright restated a “buy” rating and issued a $42.00 target price on shares of BlackSky Technology in a research note on Friday, February 27th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.40.

BlackSky Technology Trading Up 8.0%

The business has a 50 day moving average of $23.51 and a 200 day moving average of $21.85. The firm has a market capitalization of $875.00 million, a price-to-earnings ratio of -11.09 and a beta of 2.44. The company has a debt-to-equity ratio of 2.04, a current ratio of 3.48 and a quick ratio of 3.37.

BlackSky Technology (NYSE:BKSY) last issued its earnings results on Thursday, February 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.06. The firm had revenue of $35.21 million for the quarter, compared to analysts’ expectations of $37.13 million. BlackSky Technology had a negative return on equity of 53.94% and a negative net margin of 65.93%. As a group, research analysts predict that BlackSky Technology Inc. will post -2.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its stake in BlackSky Technology by 332.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 12,116 shares of the company’s stock valued at $227,000 after purchasing an additional 9,313 shares in the last quarter. Strive Financial Group LLC acquired a new stake in BlackSky Technology in the fourth quarter worth $26,000. XTX Topco Ltd bought a new position in shares of BlackSky Technology during the fourth quarter worth $527,000. Tudor Investment Corp ET AL grew its holdings in shares of BlackSky Technology by 56.2% in the 4th quarter. Tudor Investment Corp ET AL now owns 109,744 shares of the company’s stock valued at $2,058,000 after buying an additional 39,479 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of BlackSky Technology in the 4th quarter valued at $231,000. Institutional investors own 27.15% of the company’s stock.

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.