BlackSky Technology (NYSE:BKSY) Shares Gap Down After Earnings Miss

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)'s share price gapped down before the market opened on Thursday following a dissappointing 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.03). BlackSky Technology had a negative return on equity of 50.78% and a negative net margin of 82.04%. The business had revenue of $22.20 million during the quarter, compared to the consensus estimate of $22.17 million.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BKSY. Lake Street Capital raised their price objective on BlackSky Technology from $18.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Benchmark lifted their price target on shares of BlackSky Technology from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Canaccord Genuity Group reduced their price objective on shares of BlackSky Technology from $28.00 to $27.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. 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 note on Monday, July 21st. Finally, Wall Street Zen lowered shares of BlackSky Technology from a "hold" rating to a "strong sell" rating in a report on Saturday. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, BlackSky Technology presently has an average rating of "Moderate Buy" and an average target price of $23.50.

Institutional Investors Weigh In On BlackSky Technology

Hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in shares of BlackSky Technology in the 1st quarter valued at $9,582,000. Mithril II GP LP purchased a new stake in shares of BlackSky Technology in the fourth quarter valued at about $11,116,000. Geode Capital Management LLC boosted its holdings in shares of BlackSky Technology by 7.3% in the second quarter. Geode Capital Management LLC now owns 612,919 shares of the company's stock valued at $12,616,000 after acquiring an additional 41,922 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of BlackSky Technology by 343.7% in the first 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 in the last quarter. Finally, Trexquant Investment LP boosted its holdings in BlackSky Technology by 21.4% during the first quarter. Trexquant Investment LP now owns 366,071 shares of the company's stock worth $2,830,000 after buying an additional 64,481 shares in the last quarter. 27.15% of the stock is currently owned by institutional investors and hedge funds.

BlackSky Technology Trading Up 2.2%

The stock has a market cap of $614.11 million, a PE ratio of -5.14 and a beta of 2.09. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 1.26. The business's fifty day moving average is $18.14 and its 200 day moving average is $13.60.

About BlackSky Technology

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.