BlackSky Technology (NYSE:BKSY) Stock Price Down 6.5% – Here’s What Happened

Shares of BlackSky Technology Inc. (NYSE:BKSY) traded down 6.5% during mid-day trading on Monday . The stock traded as low as $30.18 and last traded at $30.3030. 691,963 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,909,566 shares. The stock had previously closed at $32.42.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Jefferies Financial Group upgraded BlackSky Technology to a “hold” rating in a report on Wednesday, June 10th. Canaccord Genuity Group lowered their price objective on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. 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. Wall Street Zen cut BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $36.50.

BlackSky Technology Trading Down 5.4%

The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -12.09 and a beta of 2.52. The company has a fifty day moving average price of $38.29 and a two-hundred day moving average price of $27.97. The company has a current ratio of 3.46, a quick ratio of 3.34 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) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.45). The company had revenue of $20.77 million for the quarter, compared to analyst estimates of $27.60 million. BlackSky Technology had a negative return on equity of 74.25% and a negative net margin of 89.07%. As a group, research analysts forecast that BlackSky Technology Inc. will post -1.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of BlackSky Technology during the fourth quarter worth $26,000. Strive Financial Group LLC purchased a new position in shares of BlackSky Technology during the fourth quarter worth $26,000. Global Retirement Partners LLC purchased a new position in shares of BlackSky Technology during the fourth quarter worth $28,000. Wexford Capital LP purchased a new position in shares of BlackSky Technology during the third quarter worth $30,000. Finally, IFP Advisors Inc boosted its position in shares of BlackSky Technology by 57.9% during the third quarter. IFP Advisors Inc now owns 2,253 shares of the company’s stock worth $45,000 after buying an additional 826 shares during the period. 27.15% of the stock is currently owned by hedge funds and other 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.