BlackSky Technology (NYSE:BKSY) Shares Up 10% After Analyst Upgrade

BlackSky Technology Inc. (NYSE:BKSY)’s share price was up 10% during trading on Thursday after Jefferies Financial Group upgraded the stock to a hold rating. The company traded as high as $35.14 and last traded at $34.9770. Approximately 363,557 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,890,956 shares. The stock had previously closed at $31.79.

Other analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research note on Monday, April 20th. Canaccord Genuity Group reduced their target price on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, February 27th. HC Wainwright reiterated a “buy” rating and set a $42.00 target price on shares of BlackSky Technology in a research note on Friday, February 27th. Finally, Wall Street Zen lowered BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BKSY. Quarry LP acquired a new stake in BlackSky Technology in the fourth quarter valued at about $26,000. Strive Financial Group LLC acquired a new position in BlackSky Technology during the 4th quarter worth approximately $26,000. Global Retirement Partners LLC acquired a new position in BlackSky Technology during the 4th quarter worth approximately $28,000. Wexford Capital LP purchased a new position in shares of BlackSky Technology during the 3rd quarter worth approximately $30,000. Finally, IFP Advisors Inc raised its stake in shares of BlackSky Technology by 57.9% during the 3rd quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock worth $45,000 after buying an additional 826 shares in the last quarter. 27.15% of the stock is currently owned by institutional investors and hedge funds.

BlackSky Technology Stock Up 7.7%

The company has a debt-to-equity ratio of 2.39, a quick ratio of 3.34 and a current ratio of 3.46. The firm has a fifty day moving average price of $37.98 and a 200 day moving average price of $27.71. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -13.52 and a beta of 2.52.

BlackSky Technology (NYSE:BKSY) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.45). The business had revenue of $20.77 million for the quarter, compared to analyst estimates of $27.60 million. BlackSky Technology had a negative return on equity of 74.25% and a negative net margin of 89.07%. As a group, sell-side analysts expect that BlackSky Technology Inc. will post -1.32 EPS for the current fiscal year.

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.