BlackSky Technology (NYSE:BKSY) Shares Gap Up – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $38.75, but opened at $41.00. BlackSky Technology shares last traded at $40.4030, with a volume of 530,960 shares changing hands.

Analyst Upgrades and Downgrades

BKSY has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Canaccord Genuity Group decreased their target price 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 reissued a “buy” rating and set a $42.00 price target on shares of BlackSky Technology in a research note on Friday, February 27th. Finally, Wall Street Zen cut BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BlackSky Technology has a consensus rating of “Moderate Buy” and an average price target of $29.75.

BlackSky Technology Stock Up 3.5%

The stock has a market capitalization of $1.49 billion, a PE ratio of -15.62 and a beta of 2.44. The business’s fifty day moving average price is $31.57 and its two-hundred day moving average price is $24.44. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.46 and a quick ratio of 3.34.

BlackSky Technology (NYSE:BKSY) last posted its earnings results on Thursday, May 7th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.45). The business had revenue of $20.77 million for the quarter, compared to analyst estimates of $27.60 million. BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. On average, equities research analysts forecast that BlackSky Technology Inc. will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BKSY. Bank of New York Mellon Corp increased its stake in BlackSky Technology by 392.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock worth $38,860,000 after buying an additional 1,652,014 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in BlackSky Technology during the 4th quarter worth approximately $16,395,000. Goldman Sachs Group Inc. lifted its stake in shares of BlackSky Technology by 343.7% in the first quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock worth $4,311,000 after buying an additional 432,023 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of BlackSky Technology in the third quarter worth about $8,278,000. Finally, Portolan Capital Management LLC acquired a new stake in BlackSky Technology in the 3rd quarter valued at about $7,855,000. Institutional investors and hedge funds own 27.15% of the company’s stock.

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.