BlackSky Technology (NYSE:BKSY) Shares Gap Down Following Weak Earnings

Shares of BlackSky Technology Inc. (NYSE:BKSY) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $40.51, but opened at $36.98. BlackSky Technology shares last traded at $30.2160, with a volume of 1,463,802 shares traded.

The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.45). BlackSky Technology had a negative return on equity of 53.94% and a negative net margin of 65.93%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BKSY shares. Wall Street Zen raised BlackSky Technology from a “strong sell” rating to a “hold” rating in a report on Saturday, March 21st. Canaccord Genuity Group reduced their target price on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, February 27th. HC Wainwright reissued a “buy” rating and issued a $42.00 target price on shares of BlackSky Technology in a report on Friday, February 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Round Rock Advisors LLC acquired a new position in shares of BlackSky Technology during the 4th quarter worth $681,000. LBP AM SA raised its stake in shares of BlackSky Technology by 37.3% during the 4th quarter. LBP AM SA now owns 497,187 shares of the company’s stock worth $9,322,000 after buying an additional 135,013 shares during the last quarter. Divisadero Street Capital Management LP raised its stake in shares of BlackSky Technology by 42.8% during the 3rd quarter. Divisadero Street Capital Management LP now owns 365,910 shares of the company’s stock worth $7,373,000 after buying an additional 109,610 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of BlackSky Technology during the 3rd quarter worth $1,310,000. Finally, Portolan Capital Management LLC purchased a new stake in BlackSky Technology during the 3rd quarter worth about $7,855,000. Institutional investors and hedge funds own 27.15% of the company’s stock.

BlackSky Technology Trading Down 25.0%

The stock has a market cap of $1.13 billion, a PE ratio of -14.11 and a beta of 2.44. The business has a 50-day moving average of $28.99 and a 200 day moving average of $23.68. The company has a debt-to-equity ratio of 2.04, a quick ratio of 3.37 and a current ratio of 3.48.

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.