BlackSky Technology (NYSE:BKSY) Trading 7.5% Higher – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY)’s share price rose 7.5% during mid-day trading on Thursday . The stock traded as high as $18.79 and last traded at $19.0110. Approximately 197,934 shares were traded during trading, a decline of 88% from the average daily volume of 1,721,094 shares. The stock had previously closed at $17.68.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BKSY shares. HC Wainwright increased their price target on BlackSky Technology from $28.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Wall Street Zen downgraded shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a research report on Wednesday, October 8th. Five research 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

BlackSky Technology Trading Down 4.8%

The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 2.08. The firm has a market cap of $659.70 million, a P/E ratio of -5.84 and a beta of 2.41. The firm’s 50-day simple moving average is $20.75 and its 200 day simple moving average is $18.60.

BlackSky Technology (NYSE:BKSY) last released its earnings results on Thursday, November 6th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.02. BlackSky Technology had a negative net margin of 87.11% and a negative return on equity of 54.48%. The firm had revenue of $19.62 million during the quarter, compared to the consensus estimate of $28.67 million. As a group, analysts expect that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

Insider Activity at BlackSky Technology

In other news, CEO Brian E. O’toole sold 33,292 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $17.45, for a total value of $580,945.40. Following the sale, the chief executive officer owned 750,164 shares of the company’s stock, valued at $13,090,361.80. The trade was a 4.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Christiana L. Lin sold 24,036 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $17.45, for a total transaction of $419,428.20. Following the completion of the transaction, the chief accounting officer directly owned 402,652 shares of the company’s stock, valued at approximately $7,026,277.40. This trade represents a 5.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 89,694 shares of company stock worth $1,565,160. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On BlackSky Technology

Several hedge funds have recently made changes to their positions in BKSY. Wexford Capital LP bought a new stake in shares of BlackSky Technology during the 3rd quarter valued at $30,000. IFP Advisors Inc grew its holdings in BlackSky Technology by 35,575.0% during the 2nd quarter. IFP Advisors Inc now owns 1,427 shares of the company’s stock valued at $32,000 after buying an additional 1,423 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of BlackSky Technology by 6,937.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,689 shares of the company’s stock valued at $35,000 after buying an additional 1,665 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of BlackSky Technology in the third quarter worth about $50,000. Finally, Russell Investments Group Ltd. bought a new position in shares of BlackSky Technology in the third quarter valued at approximately $53,000. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

About BlackSky Technology

BlackSky Technology Inc provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operation of satellite and ground systems for government and commercial customers in North America, the Middle East, the Asia Pacific, and internationally.