BlackSky Technology (NYSE:BKSY) Trading Up 10.5% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY) shares were up 10.5% on Friday . The company traded as high as $19.48 and last traded at $19.31. Approximately 550,563 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,698,468 shares. The stock had previously closed at $17.47.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BKSY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, October 8th. HC Wainwright lifted their price objective on BlackSky Technology from $28.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.00.

BlackSky Technology Trading Up 12.3%

The stock has a fifty day simple moving average of $19.40 and a 200 day simple moving average of $19.03. The company has a debt-to-equity ratio of 2.08, a quick ratio of 3.89 and a current ratio of 3.89. The firm has a market cap of $706.04 million, a P/E ratio of -6.27 and a beta of 2.41.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Griffin Asset Management Inc. boosted its holdings in BlackSky Technology by 1.6% in the third quarter. Griffin Asset Management Inc. now owns 48,856 shares of the company’s stock worth $984,000 after purchasing an additional 746 shares during the last quarter. IFP Advisors Inc lifted its holdings in BlackSky Technology by 57.9% during the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock valued at $45,000 after purchasing an additional 826 shares in the last quarter. Legal & General Group Plc boosted its position in shares of BlackSky Technology by 40.5% in the second quarter. Legal & General Group Plc now owns 3,118 shares of the company’s stock worth $64,000 after purchasing an additional 899 shares during the period. Concurrent Investment Advisors LLC increased its stake in shares of BlackSky Technology by 5.6% in the third quarter. Concurrent Investment Advisors LLC now owns 19,042 shares of the company’s stock worth $384,000 after purchasing an additional 1,010 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of BlackSky Technology by 7.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,174 shares of the company’s stock valued at $117,000 after purchasing an additional 1,015 shares during the period. 27.15% of the stock is owned by hedge funds and other institutional investors.

About BlackSky Technology

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.