BlackSky Technology (NYSE:BKSY) Trading Down 10.9% – Here’s Why

Shares of BlackSky Technology Inc. (NYSE:BKSY) were down 10.9% during trading on Thursday . The stock traded as low as $24.95 and last traded at $24.7050. Approximately 954,325 shares traded hands during trading, a decline of 40% from the average daily volume of 1,582,436 shares. The stock had previously closed at $27.73.

Wall Street Analyst Weigh In

BKSY has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, January 21st. HC Wainwright upped their price objective on BlackSky Technology from $28.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Finally, Jefferies Financial Group initiated coverage on BlackSky Technology in a report on Monday, December 22nd. They issued a “buy” rating and a $23.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.00.

BlackSky Technology Price Performance

The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 2.08. The stock has a market cap of $889.35 million, a P/E ratio of -7.87 and a beta of 2.42. The company has a 50 day simple moving average of $21.21 and a 200 day simple moving average of $20.58.

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

Hedge Funds Weigh In On BlackSky Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in BlackSky Technology by 7.3% in the 2nd quarter. Geode Capital Management LLC now owns 612,919 shares of the company’s stock valued at $12,616,000 after buying an additional 41,922 shares in the last quarter. LBP AM SA lifted its holdings in shares of BlackSky Technology by 198.1% during the second quarter. LBP AM SA now owns 112,905 shares of the company’s stock worth $2,324,000 after buying an additional 75,024 shares in the last quarter. Prescott Group Capital Management L.L.C. bought a new stake in shares of BlackSky Technology in the second quarter valued at about $1,049,000. Jump Financial LLC grew its stake in shares of BlackSky Technology by 128.2% in the second quarter. Jump Financial LLC now owns 480,048 shares of the company’s stock valued at $9,879,000 after acquiring an additional 269,700 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in BlackSky Technology during the second quarter worth about $371,000. 27.15% of the stock is owned by institutional investors.

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.