BlackSky Technology (NYSE:BKSY) Trading Down 8.4% – What’s Next?

BlackSky Technology Inc. (NYSE:BKSY) shares traded down 8.4% on Tuesday . The company traded as low as $25.75 and last traded at $25.4010. 906,010 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 1,475,277 shares. The stock had previously closed at $27.74.

Wall Street Analysts Forecast Growth

BKSY has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a research note on Wednesday, January 21st. Canaccord Genuity Group cut their target price on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Wall Street Zen upgraded shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group started coverage on shares of BlackSky Technology in a research note on Monday, December 22nd. They set a “buy” rating and a $23.00 price objective for the company. Finally, HC Wainwright reaffirmed 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 stock. According to data from MarketBeat.com, BlackSky Technology presently has an average rating of “Moderate Buy” and an average price target of $27.40.

BlackSky Technology Stock Down 8.7%

The stock has a market cap of $937.16 million, a price-to-earnings ratio of -11.78 and a beta of 2.44. The company has a current ratio of 3.48, a quick ratio of 3.37 and a debt-to-equity ratio of 2.04. The firm’s 50 day moving average is $23.72 and its two-hundred day moving average is $21.55.

BlackSky Technology (NYSE:BKSY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.06. The business had revenue of $35.21 million during the quarter, compared to the consensus estimate of $37.13 million. BlackSky Technology had a negative net margin of 65.93% and a negative return on equity of 53.94%. On average, sell-side analysts predict that BlackSky Technology Inc. will post -2.28 EPS for the current year.

Institutional Investors Weigh In On BlackSky Technology

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in 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 worth $38,860,000 after purchasing an additional 1,652,014 shares during the period. Daiwa Securities Group Inc. purchased a new position in BlackSky Technology in the fourth quarter valued at about $16,395,000. Goldman Sachs Group Inc. lifted its stake in shares of BlackSky Technology by 343.7% during 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 in the last quarter. Wasatch Advisors LP acquired a new position in shares of BlackSky Technology during the third quarter worth about $8,278,000. Finally, Portolan Capital Management LLC purchased a new stake in shares of BlackSky Technology in the third quarter worth about $7,855,000. 27.15% of the stock is currently owned by hedge funds and other 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.