BlackSky Technology (NYSE:BKSY) Shares Down 4.5% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) shares fell 4.5% during mid-day trading on Wednesday . The company traded as low as $26.41 and last traded at $26.1520. 387,447 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,546,650 shares. The stock had previously closed at $27.37.

Analysts Set New Price Targets

A number of research firms have commented on BKSY. Jefferies Financial Group initiated coverage on shares of BlackSky Technology in a research report on Monday, December 22nd. They set a “buy” rating and a $23.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research note on Wednesday, October 8th. Finally, HC Wainwright upped their target price on BlackSky Technology from $28.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.00.

BlackSky Technology Stock Down 9.2%

The company has a debt-to-equity ratio of 2.08, a current ratio of 3.89 and a quick ratio of 3.89. The stock has a market capitalization of $894.71 million, a P/E ratio of -8.01 and a beta of 2.42. The stock’s fifty day moving average is $19.72 and its two-hundred day moving average is $20.40.

BlackSky Technology (NYSE:BKSY) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.02. The company had revenue of $19.62 million during 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%. 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

Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings 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 valued at $4,311,000 after acquiring an additional 432,023 shares during the period. Wasatch Advisors LP acquired a new stake in BlackSky Technology during the 3rd quarter valued at $8,278,000. Portolan Capital Management LLC purchased a new stake in shares of BlackSky Technology in the third quarter valued at $7,855,000. Jump Financial LLC lifted its holdings 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 purchasing an additional 269,700 shares in the last quarter. Finally, LBP AM SA grew its holdings in shares of BlackSky Technology by 220.8% during the third quarter. LBP AM SA now owns 362,174 shares of the company’s stock valued at $7,298,000 after buying an additional 249,269 shares in the last quarter. 27.15% of the stock is currently owned by institutional investors and hedge funds.

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.