BlackSky Technology (NYSE:BKSY) Shares Down 9.1% – Here’s What Happened

BlackSky Technology Inc. (NYSE:BKSY) shares dropped 9.1% on Tuesday . The company traded as low as $32.02 and last traded at $31.1650. Approximately 660,939 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,888,584 shares. The stock had previously closed at $34.28.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 16th. HC Wainwright reaffirmed a “buy” rating and set a $42.00 price objective on shares of BlackSky Technology in a research report on Friday, February 27th. Jefferies Financial Group downgraded BlackSky Technology from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Monday, June 1st. Canaccord Genuity Group dropped their target price on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research report 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.50.

BlackSky Technology Stock Down 8.1%

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 firm has a 50-day simple moving average of $37.62 and a two-hundred day simple moving average of $27.47. The stock has a market cap of $1.17 billion, a P/E ratio of -12.35 and a beta of 2.52.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BKSY. Quarry LP acquired a new stake in BlackSky Technology in the fourth quarter valued at approximately $26,000. Strive Financial Group LLC acquired a new stake in shares of BlackSky Technology during the 4th quarter valued at $26,000. Global Retirement Partners LLC bought a new stake in BlackSky Technology during the 4th quarter worth $28,000. Wexford Capital LP acquired a new position in shares of BlackSky Technology in the third quarter valued at approximately $30,000. Finally, IFP Advisors Inc raised its holdings in BlackSky Technology by 57.9% in the 3rd quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock valued at $45,000 after buying an additional 826 shares during the last quarter. Institutional investors 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.