BlackSky Technology Inc. (NYSE:BKSY) Sees Large Decline in Short Interest

BlackSky Technology Inc. (NYSE:BKSY) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,480,000 shares, a decline of 8.6% from the October 31st total of 1,620,000 shares. Based on an average daily volume of 915,500 shares, the short-interest ratio is currently 1.6 days. Approximately 6.2% of the shares of the company are sold short.

BlackSky Technology Price Performance

Shares of NYSE:BKSY traded down $0.06 during trading on Monday, reaching $11.62. The company had a trading volume of 813,045 shares, compared to its average volume of 318,722. The company has a fifty day moving average of $7.14 and a two-hundred day moving average of $7.92. The company has a current ratio of 5.68, a quick ratio of 5.68 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $357.65 million, a P/E ratio of -5.17 and a beta of 0.92. BlackSky Technology has a 12 month low of $3.86 and a 12 month high of $14.16.

BlackSky Technology (NYSE:BKSY) last released its earnings results on Thursday, November 7th. The company reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.05). The firm had revenue of $22.55 million during the quarter, compared to the consensus estimate of $26.93 million. BlackSky Technology had a negative return on equity of 49.91% and a negative net margin of 38.83%. During the same quarter in the previous year, the firm earned ($0.96) EPS. Equities research analysts forecast that BlackSky Technology will post -2.28 earnings per share for the current year.

Insiders Place Their Bets

In other BlackSky Technology news, CFO Henry Edward Dubois sold 23,590 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $7.19, for a total value of $169,612.10. Following the transaction, the chief financial officer now directly owns 231,645 shares in the company, valued at $1,665,527.55. The trade was a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christiana L. Lin sold 13,031 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $7.19, for a total transaction of $93,692.89. Following the transaction, the chief accounting officer now directly owns 190,775 shares of the company’s stock, valued at $1,371,672.25. This represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,362 shares of company stock valued at $446,535. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On BlackSky Technology

A number of large investors have recently added to or reduced their stakes in BKSY. Virtu Financial LLC increased its stake in shares of BlackSky Technology by 134.5% in the first quarter. Virtu Financial LLC now owns 145,514 shares of the company’s stock worth $198,000 after buying an additional 83,462 shares during the period. Squarepoint Ops LLC bought a new stake in BlackSky Technology in the 2nd quarter worth $295,000. LA Financiere DE L Echiquier increased its position in shares of BlackSky Technology by 13.6% in the second quarter. LA Financiere DE L Echiquier now owns 933,000 shares of the company’s stock valued at $998,000 after acquiring an additional 112,000 shares during the period. Perkins Capital Management Inc. bought a new position in shares of BlackSky Technology during the third quarter valued at about $1,114,000. Finally, Thompson Siegel & Walmsley LLC purchased a new stake in shares of BlackSky Technology during the third quarter worth about $3,674,000. Hedge funds and other institutional investors own 27.15% of the company’s stock.

Analyst Upgrades and Downgrades

BKSY has been the subject of several recent research reports. Lake Street Capital lifted their price objective on BlackSky Technology from $4.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Craig Hallum upgraded shares of BlackSky Technology from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Friday, October 4th. HC Wainwright dropped their price target on shares of BlackSky Technology from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Oppenheimer began coverage on shares of BlackSky Technology in a research note on Wednesday, October 2nd. They issued an “outperform” rating and a $10.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $17.60.

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.