BlackSky Technology (NYSE:BKSY) Shares Up 8.9% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY)’s stock price shot up 8.9% during mid-day trading on Tuesday . The company traded as high as $24.74 and last traded at $24.7350. 1,558,732 shares were traded during mid-day trading, an increase of 6% from the average session volume of 1,474,113 shares. The stock had previously closed at $22.72.

Analyst Upgrades and Downgrades

BKSY has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on BlackSky Technology in a research report on Monday, December 22nd. They set a “buy” rating and a $23.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, October 8th. Finally, HC Wainwright lifted their price objective on shares of BlackSky Technology from $28.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BlackSky Technology presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

BlackSky Technology Price Performance

The stock has a 50 day moving average of $18.07 and a 200-day moving average of $19.84. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $887.26 million, a P/E ratio of -7.85 and a beta of 2.42.

BlackSky Technology (NYSE:BKSY) last announced 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 the consensus estimate of $28.67 million. On average, equities research analysts anticipate that BlackSky Technology Inc. will post -2.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackSky Technology

Several large investors have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. grew its stake in BlackSky Technology by 1.6% in the 3rd quarter. Griffin Asset Management Inc. now owns 48,856 shares of the company’s stock worth $984,000 after acquiring an additional 746 shares in the last quarter. IFP Advisors Inc grew its stake in BlackSky Technology by 57.9% in the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock worth $45,000 after purchasing an additional 826 shares in the last quarter. Legal & General Group Plc increased its holdings in BlackSky Technology by 40.5% during the 2nd 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 holdings in BlackSky Technology by 5.6% during the 3rd 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 during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 in the last quarter. 27.15% of the stock is owned by hedge funds and other 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.