BlackSky Technology (NYSE:BKSY) Stock Price Down 9.3% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY)’s stock price fell 9.3% on Wednesday. The stock traded as low as $18.30 and last traded at $17.8870. Approximately 445,702 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 1,596,062 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

A number of research firms recently issued reports on BKSY. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Thursday. Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Clear Str upgraded shares of BlackSky Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, BlackSky Technology presently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

BlackSky Technology Trading Up 4.6%

The company has a 50-day moving average of $23.54 and a two-hundred day moving average of $29.28. The company has a current ratio of 5.83, a quick ratio of 5.72 and a debt-to-equity ratio of 0.94.

BlackSky Technology (NYSE:BKSY) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.16). The company had revenue of $33.32 million during the quarter, compared to analysts’ expectations of $30.72 million. BlackSky Technology had a negative return on equity of 51.24% and a negative net margin of 61.24%. On average, equities research analysts anticipate that BlackSky Technology Inc. will post -1.09 EPS for the current year.

Insider Activity at BlackSky Technology

In related news, CAO Christiana Lin sold 13,052 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $20.95, for a total value of $273,439.40. Following the completion of the sale, the chief accounting officer directly owned 427,680 shares of the company’s stock, valued at approximately $8,959,896. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Henry Dubois sold 15,225 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $20.95, for a total transaction of $318,963.75. Following the completion of the sale, the chief financial officer directly owned 482,931 shares of the company’s stock, valued at $10,117,404.45. This represents a 3.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 138,557 shares of company stock worth $2,991,269. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackSky Technology

Hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of BlackSky Technology in the third quarter worth $41,000. Sax Wealth Advisors LLC purchased a new position in shares of BlackSky Technology during the 3rd quarter valued at $1,431,000. Tidal Investments LLC purchased a new position in shares of BlackSky Technology during the 2nd quarter valued at $39,289,000. Integrated Wealth Concepts LLC purchased a new position in shares of BlackSky Technology during the 2nd quarter valued at $216,000. Finally, Squarepoint Ops LLC purchased a new position in shares of BlackSky Technology during the 2nd quarter valued at $1,127,000. 27.15% of the stock is currently owned by institutional investors.

About BlackSky Technology

BlackSky Technology Inc provides geospatial intelligence and satellite-imagery services to government and commercial customers. The company operates a constellation of Earth-observation satellites designed to collect high-resolution imagery and other data, supporting monitoring of locations and activities around the world.

BlackSky combines satellite data with artificial intelligence, machine learning and other analytics through its Spectra platform. Its services are intended to deliver timely insights for applications including defense and intelligence, disaster response, infrastructure monitoring, maritime awareness, supply-chain management and other forms of global activity monitoring.

The company was established in 2013 and originated within Spaceflight Industries before becoming a publicly traded company through a business combination completed in 2021.