BlackSky Technology (NYSE:BKSY) Stock Price Down 13.2% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) shares were down 13.2% during mid-day trading on Monday . The company traded as low as $42.03 and last traded at $42.0540. Approximately 593,682 shares traded hands during trading, a decline of 68% from the average daily volume of 1,851,931 shares. The stock had previously closed at $48.47.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BKSY shares. HC Wainwright restated a “buy” rating and set a $42.00 price objective on shares of BlackSky Technology in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research note on Monday, April 20th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $50.00 price target on shares of BlackSky Technology in a research note on Monday. Wall Street Zen lowered BlackSky Technology from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Canaccord Genuity Group decreased their price target on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $36.50.

BlackSky Technology Trading Down 14.1%

The business has a 50-day moving average price of $36.16 and a two-hundred day moving average price of $26.43. The company has a market cap of $1.54 billion, a P/E ratio of -16.40 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 released its quarterly earnings data on Thursday, May 7th. The company reported ($0.82) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.45). The company had revenue of $20.77 million during the quarter, compared to the consensus estimate 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, analysts predict that BlackSky Technology Inc. will post -1.32 EPS for the current year.

Institutional Investors Weigh In On BlackSky Technology

Large investors have recently modified their holdings of the business. Quarry LP bought a new stake in shares of BlackSky Technology in the fourth quarter worth about $26,000. Strive Financial Group LLC bought a new stake in shares of BlackSky Technology in the fourth quarter worth about $26,000. Global Retirement Partners LLC bought a new stake in shares of BlackSky Technology in the fourth quarter worth about $28,000. Wexford Capital LP bought a new stake in shares of BlackSky Technology in the third quarter worth about $30,000. Finally, IFP Advisors Inc increased its holdings in shares of 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 acquiring an additional 826 shares in the last quarter. 27.15% of the stock is currently owned by institutional investors.

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.