BlackSky Technology (NYSE:BKSY) Stock Price Down 8.4% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY) fell 8.4% during mid-day trading on Tuesday . The stock traded as low as $25.75 and last traded at $25.4010. 906,010 shares were traded 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.

Analyst Upgrades and Downgrades

BKSY has been the topic of several research reports. Canaccord Genuity Group lowered their price objective on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a research report on Saturday, March 21st. Jefferies Financial Group began coverage on shares of BlackSky Technology in a report on Monday, December 22nd. They issued a “buy” rating and a $23.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, January 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $42.00 price target on shares of BlackSky Technology in a research note on Friday, February 27th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.40.

BlackSky Technology Trading Up 4.1%

The company has a debt-to-equity ratio of 2.04, a quick ratio of 3.37 and a current ratio of 3.48. The firm has a market capitalization of $1.04 billion, a P/E ratio of -13.08 and a beta of 2.44. The firm has a 50 day simple moving average of $23.70 and a two-hundred day simple moving average of $21.65.

BlackSky Technology (NYSE:BKSY) last posted its earnings results on Thursday, February 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.06. BlackSky Technology had a negative net margin of 65.93% and a negative return on equity of 53.94%. The firm had revenue of $35.21 million during the quarter, compared to analyst estimates of $37.13 million. Equities research analysts forecast that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

Hedge Funds Weigh In On BlackSky Technology

Several hedge funds have recently modified their holdings of BKSY. Caitong International Asset Management Co. Ltd boosted its stake in shares of BlackSky Technology by 332.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 12,116 shares of the company’s stock worth $227,000 after buying an additional 9,313 shares during the last quarter. Strive Financial Group LLC purchased a new stake in shares of BlackSky Technology during the fourth quarter valued at approximately $26,000. XTX Topco Ltd bought a new stake in BlackSky Technology during the fourth quarter worth $527,000. Tudor Investment Corp ET AL lifted its holdings in BlackSky Technology by 56.2% during the fourth quarter. Tudor Investment Corp ET AL now owns 109,744 shares of the company’s stock worth $2,058,000 after acquiring an additional 39,479 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new position in BlackSky Technology in the fourth quarter worth $231,000. Institutional investors own 27.15% of the company’s stock.

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.