BlackSky Technology (NYSE:BKSY) Shares Down 13.8% on Analyst Downgrade

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s share price fell 13.8% during trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $28.00 to $27.00. Canaccord Genuity Group currently has a buy rating on the stock. BlackSky Technology traded as low as $18.90 and last traded at $19.24. 2,089,883 shares were traded during mid-day trading, an increase of 33% from the average session volume of 1,574,389 shares. The stock had previously closed at $22.33.

A number of other equities research analysts also recently weighed in on the company. Benchmark lifted their price objective on BlackSky Technology from $17.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. HC Wainwright boosted their price objective on shares of BlackSky Technology from $20.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, BlackSky Technology currently has a consensus rating of "Buy" and an average price target of $24.17.

Institutional Investors Weigh In On BlackSky Technology

Several hedge funds have recently bought and sold shares of BKSY. Two Sigma Investments LP bought a new position in BlackSky Technology in the fourth quarter valued at approximately $1,219,000. Bank of New York Mellon Corp increased its stake in BlackSky Technology by 89.1% in the fourth quarter. Bank of New York Mellon Corp now owns 56,298 shares of the company's stock valued at $607,000 after acquiring an additional 26,528 shares during the last quarter. Northern Trust Corp increased its stake in BlackSky Technology by 89.1% in the fourth quarter. Northern Trust Corp now owns 202,153 shares of the company's stock valued at $2,181,000 after acquiring an additional 95,228 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in BlackSky Technology by 215.3% in the first quarter. Oppenheimer & Co. Inc. now owns 80,638 shares of the company's stock valued at $623,000 after acquiring an additional 55,067 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in BlackSky Technology by 20.5% in the fourth quarter. Nuveen Asset Management LLC now owns 72,890 shares of the company's stock valued at $786,000 after acquiring an additional 12,378 shares during the last quarter. 27.15% of the stock is currently owned by institutional investors and hedge funds.

BlackSky Technology Price Performance

The business's 50 day moving average is $16.02 and its 200-day moving average is $12.79. The firm has a market capitalization of $637.65 million, a P/E ratio of -7.89 and a beta of 2.07. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 1.26.

BlackSky Technology (NYSE:BKSY - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share for the quarter, beating analysts' consensus estimates of ($0.47) by $0.05. BlackSky Technology had a negative net margin of 50.30% and a negative return on equity of 45.63%. The firm had revenue of $29.54 million for the quarter, compared to analyst estimates of $27.20 million. As a group, sell-side analysts predict that BlackSky Technology Inc. will post -2.28 EPS for the current fiscal year.

BlackSky Technology Company Profile

BlackSky Technology Inc provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operation of satellite and ground systems for government and commercial customers in North America, the Middle East, the Asia Pacific, and internationally.

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