BlackSky Technology (NYSE:BKSY) Trading Down 13.2% Following Analyst Downgrade

BlackSky Technology Inc. (NYSE:BKSY)’s share price was down 13.2% on Monday after Jefferies Financial Group downgraded the stock from a buy rating to a hold rating. Jefferies Financial Group now has a $50.00 price target on the stock. BlackSky Technology traded as low as $42.03 and last traded at $42.0540. Approximately 593,682 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,851,931 shares. The stock had previously closed at $48.47.

A number of other research firms also recently weighed in on BKSY. Canaccord Genuity Group cut their price target on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research note on Monday, April 20th. Wall Street Zen lowered BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $42.00 price objective on shares of BlackSky Technology in a research report on Friday, February 27th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, BlackSky Technology has a consensus rating of “Hold” and a consensus target price of $36.50.

Hedge Funds Weigh In On BlackSky Technology

Institutional investors have recently bought and sold shares of the business. Quarry LP bought 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 in the fourth quarter valued at about $26,000. Global Retirement Partners LLC acquired a new position in BlackSky Technology in the fourth quarter valued at about $28,000. Wexford Capital LP acquired a new position in shares of BlackSky Technology during the third quarter worth about $30,000. Finally, IFP Advisors Inc boosted its position in shares of BlackSky Technology by 57.9% during the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock worth $45,000 after buying an additional 826 shares during the period. Institutional investors own 27.15% of the company’s stock.

BlackSky Technology Stock Up 3.6%

The firm has a 50-day moving average price of $36.49 and a two-hundred day moving average price of $26.62. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.46 and a quick ratio of 3.34. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -17.21 and a beta of 2.52.

BlackSky Technology (NYSE:BKSY) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $27.60 million. BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. As a group, sell-side analysts anticipate that BlackSky Technology Inc. will post -1.32 earnings per share for the current fiscal year.

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.