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

BlackSky Technology Inc. (NYSE:BKSY) gapped down before the market opened on Friday . The stock had previously closed at $51.63, but opened at $48.99. BlackSky Technology shares last traded at $45.0530, with a volume of 586,923 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BKSY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Canaccord Genuity Group lowered their price target on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Wall Street Zen downgraded shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, HC Wainwright reissued a “buy” rating and set a $42.00 price target on shares of BlackSky Technology in a report on Friday, February 27th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.75.

BlackSky Technology Price Performance

The stock’s 50-day moving average price is $35.70 and its 200 day moving average price is $26.21. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -18.35 and a beta of 2.44. 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 issued 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). The business had revenue of $20.77 million during the quarter, compared to analyst estimates of $27.60 million. BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. Equities research analysts expect that BlackSky Technology Inc. will post -1.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackSky Technology

A number of hedge funds have recently modified their holdings of BKSY. Bank of America Corp DE increased its position in BlackSky Technology by 156.1% during the first quarter. Bank of America Corp DE now owns 412,891 shares of the company’s stock worth $10,388,000 after purchasing an additional 251,638 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in BlackSky Technology during the first quarter worth about $217,000. Quantinno Capital Management LP acquired a new stake in BlackSky Technology during the first quarter worth about $343,000. Sei Investments Co. increased its position in BlackSky Technology by 125.5% during the first quarter. Sei Investments Co. now owns 65,650 shares of the company’s stock worth $1,652,000 after purchasing an additional 36,541 shares during the last quarter. Finally, Cetera Investment Advisers increased its position in BlackSky Technology by 27.0% during the first quarter. Cetera Investment Advisers now owns 15,252 shares of the company’s stock worth $384,000 after purchasing an additional 3,244 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.