BlackSky Technology (NYSE:BKSY) Stock Price Down 6.5% – Time to Sell?

BlackSky Technology Inc. (NYSE:BKSY)’s stock price dropped 6.5% during trading on Monday . The company traded as low as $30.18 and last traded at $30.3030. Approximately 691,963 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,909,566 shares. The stock had previously closed at $32.42.

Analyst Ratings Changes

BKSY has been the subject of a number of research reports. Jefferies Financial Group upgraded BlackSky Technology to a “hold” rating in a research note on Wednesday, June 10th. Canaccord Genuity Group dropped their target price on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. HC Wainwright reissued a “buy” rating and set a $42.00 target price on shares of BlackSky Technology in a report on Friday, February 27th. Wall Street Zen cut shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of BlackSky Technology in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.50.

BlackSky Technology Stock Up 2.7%

The firm’s 50-day moving average price is $38.26 and its 200 day moving average price is $28.14. The firm has a market cap of $1.10 billion, a P/E ratio of -11.59 and a beta of 2.52. The company has a quick ratio of 3.34, a current ratio of 3.46 and a debt-to-equity ratio of 2.39.

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). BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. The firm had revenue of $20.77 million for the quarter, compared to analyst estimates of $27.60 million. As a group, research analysts expect that BlackSky Technology Inc. will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On BlackSky Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in BlackSky Technology during the 1st quarter valued at $103,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of BlackSky Technology by 7.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,174 shares of the company’s stock valued at $117,000 after purchasing an additional 1,015 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of BlackSky Technology by 343.7% during the first quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock valued at $4,311,000 after purchasing an additional 432,023 shares during the period. Legal & General Group Plc raised its stake in shares of BlackSky Technology by 40.5% during the second quarter. Legal & General Group Plc now owns 3,118 shares of the company’s stock valued at $64,000 after purchasing an additional 899 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in BlackSky Technology by 11.1% in the second quarter. Rhumbline Advisers now owns 39,229 shares of the company’s stock worth $807,000 after purchasing an additional 3,934 shares during the period. 27.15% of the stock is owned by institutional investors.

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.