BlackSky Technology (NYSE:BKSY) Stock Price Down 8.9% – Here’s Why

BlackSky Technology Inc. (NYSE:BKSY) dropped 8.9% during mid-day trading on Thursday . The stock traded as low as $37.10 and last traded at $37.0390. Approximately 304,816 shares changed hands during trading, a decline of 82% from the average daily volume of 1,679,870 shares. The stock had previously closed at $40.66.

Analyst Ratings Changes

BKSY has been the topic of several research reports. Canaccord Genuity Group reduced their price target on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. HC Wainwright restated a “buy” rating and set a $42.00 target price on shares of BlackSky Technology in a research report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of BlackSky Technology in a research report on Monday. Finally, Wall Street Zen upgraded shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a research report on Saturday, March 21st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.40.

BlackSky Technology Stock Down 12.0%

The firm has a 50 day simple moving average of $27.34 and a two-hundred day simple moving average of $23.52. The company has a debt-to-equity ratio of 2.04, a current ratio of 3.48 and a quick ratio of 3.37. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -15.73 and a beta of 2.25.

BlackSky Technology (NYSE:BKSY) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.06. The business had revenue of $35.21 million for the quarter, compared to the consensus estimate of $37.13 million. BlackSky Technology had a negative net margin of 65.93% and a negative return on equity of 53.94%. As a group, sell-side analysts expect that BlackSky Technology Inc. will post -1.33 EPS for the current year.

Institutional Trading of BlackSky Technology

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

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.