BlackSky Technology (NYSE:BKSY) Shares Gap Up – Here’s What Happened

Shares of BlackSky Technology Inc. (NYSE:BKSY) gapped up prior to trading on Monday . The stock had previously closed at $38.75, but opened at $41.00. BlackSky Technology shares last traded at $40.4030, with a volume of 530,960 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BKSY. HC Wainwright reiterated a “buy” rating and issued a $42.00 price objective on shares of BlackSky Technology in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Canaccord Genuity Group lowered their price objective on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, Wall Street Zen cut shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a research report on Saturday. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.75.

BlackSky Technology Stock Performance

The firm’s 50-day moving average is $31.57 and its 200 day moving average is $24.44. The stock has a market cap of $1.49 billion, a PE ratio of -15.62 and a beta of 2.44. The company has a debt-to-equity ratio of 2.39, a quick ratio of 3.34 and a current ratio of 3.46.

BlackSky Technology (NYSE:BKSY) last announced its earnings results on Thursday, May 7th. The company reported ($0.82) 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 business had revenue of $20.77 million during the quarter, compared to analysts’ expectations of $27.60 million. As a group, research analysts anticipate that BlackSky Technology Inc. will post -1.32 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in BlackSky Technology by 392.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock worth $38,860,000 after buying an additional 1,652,014 shares during the period. Vanguard Group Inc. grew its position in shares of BlackSky Technology by 7.8% in the third quarter. Vanguard Group Inc. now owns 1,697,683 shares of the company’s stock valued at $34,208,000 after purchasing an additional 123,171 shares during the last quarter. State Street Corp grew its position in shares of BlackSky Technology by 63.3% in the fourth quarter. State Street Corp now owns 996,019 shares of the company’s stock valued at $18,675,000 after purchasing an additional 386,207 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of BlackSky Technology in the fourth quarter valued at approximately $16,395,000. Finally, Geode Capital Management LLC grew its position in shares of BlackSky Technology by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 718,490 shares of the company’s stock valued at $13,474,000 after purchasing an additional 22,695 shares during the last quarter. 27.15% of the stock is currently owned by institutional investors and hedge funds.

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.