BlackSky Technology (NYSE:BKSY) Shares Up 5.7% – Time to Buy?

BlackSky Technology Inc. (NYSE:BKSY) shares shot up 5.7% during mid-day trading on Wednesday . The company traded as high as $27.24 and last traded at $26.9050. 244,934 shares changed hands during trading, a decline of 87% from the average session volume of 1,908,836 shares. The stock had previously closed at $25.46.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a research report on Monday, April 20th. Wall Street Zen cut shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Jefferies Financial Group upgraded shares of BlackSky Technology to a “hold” rating in a research report on Wednesday, June 10th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, BlackSky Technology currently has a consensus rating of “Hold” and an average target price of $36.50.

BlackSky Technology Price Performance

The stock has a market cap of $960.74 million, a PE ratio of -10.17 and a beta of 2.59. The stock’s fifty day moving average is $35.86 and its 200-day moving average is $29.13. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.46 and a quick ratio of 3.34.

BlackSky Technology (NYSE:BKSY) last posted 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 analysts’ expectations of $27.60 million. BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. As a group, equities 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 company. Bank of New York Mellon Corp lifted its stake in shares of BlackSky Technology by 392.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock worth $38,860,000 after purchasing an additional 1,652,014 shares during the period. Daiwa Securities Group Inc. acquired a new stake in BlackSky Technology in the 4th quarter worth about $16,395,000. Goldman Sachs Group Inc. increased its stake in shares of BlackSky Technology by 343.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock valued at $4,311,000 after acquiring an additional 432,023 shares during the last quarter. Wasatch Advisors LP purchased a new position in shares of BlackSky Technology during the 3rd quarter worth about $8,278,000. Finally, Portolan Capital Management LLC purchased a new position in shares of BlackSky Technology during the 3rd quarter worth about $7,855,000. Institutional investors and hedge funds own 27.15% of the company’s stock.

About BlackSky Technology

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.