BlackSky Technology (NYSE:BKSY) Shares Down 8.6% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY)’s stock price dropped 8.6% on Wednesday . The company traded as low as $16.49 and last traded at $16.43. Approximately 923,998 shares traded hands during trading, a decline of 46% from the average daily volume of 1,704,965 shares. The stock had previously closed at $17.97.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BKSY shares. HC Wainwright upped their price objective on shares of BlackSky Technology from $28.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, October 8th. 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

BlackSky Technology Trading Up 10.5%

The stock’s fifty day simple moving average is $19.25 and its two-hundred day simple moving average is $19.08. The firm has a market cap of $694.97 million, a PE ratio of -6.15 and a beta of 2.41. The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 2.08.

BlackSky Technology (NYSE:BKSY) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $28.67 million. BlackSky Technology had a negative return on equity of 54.48% and a negative net margin of 87.11%. On average, sell-side analysts forecast that BlackSky Technology Inc. will post -2.28 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackSky Technology

Several large investors have recently bought and sold shares of BKSY. Vanguard Group Inc. raised its holdings in shares of BlackSky Technology by 7.8% during the third quarter. Vanguard Group Inc. now owns 1,697,683 shares of the company’s stock valued at $34,208,000 after purchasing an additional 123,171 shares during the last quarter. Nuveen LLC purchased a new stake in BlackSky Technology during the first quarter valued at $9,582,000. Geode Capital Management LLC boosted its position in BlackSky Technology by 7.3% in the second quarter. Geode Capital Management LLC now owns 612,919 shares of the company’s stock worth $12,616,000 after purchasing an additional 41,922 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of BlackSky Technology by 343.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock valued at $4,311,000 after purchasing an additional 432,023 shares during the last quarter. Finally, Jump Financial LLC boosted 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 worth $9,879,000 after buying an additional 269,700 shares during the last quarter. 27.15% of the stock is currently 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.