BlackSky Technology (NYSE:BKSY) Shares Gap Down Following Weak Earnings

Key Points

• BlackSky Technology shares gapped down significantly, opening at $16.94 after a weaker than expected earnings report, with an EPS of ($0.52) which missed analyst estimates.
• Analysts are still generally optimistic, with multiple firms maintaining a "buy" rating and price targets ranging from $18.00 to $28.00.
• Institutional investors have shown increased interest, with several firms raising their stakes in BlackSky Technology, now owning 27.15% of the company's stock.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $18.30, but opened at $16.94. BlackSky Technology shares last traded at $17.44, with a volume of 864,181 shares.

The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.12). BlackSky Technology had a negative return on equity of 45.63% and a negative net margin of 50.30%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BKSY shares. Lake Street Capital boosted their target price on BlackSky Technology from $18.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Benchmark boosted their target price on BlackSky Technology from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. HC Wainwright boosted their price objective on BlackSky Technology from $20.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Canaccord Genuity Group decreased their price objective on BlackSky Technology from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $23.50.

Institutional Investors Weigh In On BlackSky Technology

A number of institutional investors and hedge funds have recently made changes to their positions in BKSY. Corebridge Financial Inc. raised its stake in shares of BlackSky Technology by 73.0% during the 4th quarter. Corebridge Financial Inc. now owns 12,481 shares of the company's stock worth $135,000 after purchasing an additional 5,266 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of BlackSky Technology during the 4th quarter worth approximately $76,000. Geode Capital Management LLC raised its stake in shares of BlackSky Technology by 94.2% during the 4th quarter. Geode Capital Management LLC now owns 551,444 shares of the company's stock worth $5,951,000 after purchasing an additional 267,427 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of BlackSky Technology during the 4th quarter worth approximately $703,000. Finally, Wells Fargo & Company MN raised its stake in shares of BlackSky Technology by 158.7% during the 4th quarter. Wells Fargo & Company MN now owns 32,524 shares of the company's stock worth $351,000 after purchasing an additional 19,954 shares in the last quarter. Institutional investors own 27.15% of the company's stock.

BlackSky Technology Trading Down 2.4%

The company has a market cap of $628.10 million, a P/E ratio of -6.91 and a beta of 2.09. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 1.26. The business has a 50 day moving average price of $17.90 and a 200-day moving average price of $13.51.

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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