BlackSky Technology (NYSE:BKSY) Trading 11.4% Higher – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) shares were up 11.4% during trading on Wednesday . The company traded as high as $29.19 and last traded at $28.3230. Approximately 636,263 shares were traded during trading, a decline of 57% from the average daily volume of 1,473,005 shares. The stock had previously closed at $25.43.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BKSY. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Wednesday, January 21st. HC Wainwright reaffirmed a “buy” rating and set a $42.00 target price on shares of BlackSky Technology in a report on Friday, February 27th. Jefferies Financial Group started coverage on shares of BlackSky Technology in a report on Monday, December 22nd. They issued a “buy” rating and a $23.00 price target on the stock. Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a research report on Saturday. Finally, Canaccord Genuity Group decreased their price objective on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.40.

BlackSky Technology Price Performance

The firm has a 50-day simple moving average of $23.72 and a two-hundred day simple moving average of $21.61. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -12.66 and a beta of 2.44. The company has a current ratio of 3.48, a quick ratio of 3.37 and a debt-to-equity ratio of 2.04.

BlackSky Technology (NYSE:BKSY) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.06. BlackSky Technology had a negative return on equity of 53.94% and a negative net margin of 65.93%.The business had revenue of $35.21 million during the quarter, compared to analysts’ expectations of $37.13 million. As a group, analysts predict that BlackSky Technology Inc. will post -2.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackSky Technology

Several hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new stake in shares of BlackSky Technology during the 4th quarter worth approximately $26,000. Strive Financial Group LLC purchased a new stake in BlackSky Technology during the fourth quarter worth $26,000. Global Retirement Partners LLC acquired a new stake in BlackSky Technology during the fourth quarter valued at $28,000. Wexford Capital LP acquired a new stake in BlackSky Technology during the third quarter valued at $30,000. Finally, IFP Advisors Inc increased its holdings in BlackSky Technology by 57.9% in the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock valued at $45,000 after buying an additional 826 shares in the last quarter. Hedge funds and other 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.