BlackSky Technology (NYSE:BKSY) Trading Down 7.7% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY)’s stock price was down 7.7% on Tuesday . The company traded as low as $40.00 and last traded at $39.6860. Approximately 458,850 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,814,290 shares. The stock had previously closed at $43.00.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BKSY. Wall Street Zen cut BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. HC Wainwright reiterated a “buy” rating and set a $42.00 target price on shares of BlackSky Technology in a research report on Friday, February 27th. Finally, 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. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

BlackSky Technology Trading Up 0.9%

The company has a current ratio of 3.46, a quick ratio of 3.34 and a debt-to-equity ratio of 2.39. The stock has a market cap of $1.69 billion, a P/E ratio of -17.86 and a beta of 2.44. The business’s fifty day simple moving average is $32.78 and its 200 day simple moving average is $24.94.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of BlackSky Technology in the 4th quarter valued at $26,000. Strive Financial Group LLC acquired a new position in shares of BlackSky Technology during the fourth quarter valued at $26,000. Global Retirement Partners LLC bought a new position in BlackSky Technology in the fourth quarter valued at about $28,000. Wexford Capital LP bought a new position in BlackSky Technology in the third quarter valued at about $30,000. Finally, IFP Advisors Inc increased its position in BlackSky Technology by 57.9% in the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock worth $45,000 after purchasing an additional 826 shares during the period. 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.