BlackSky Technology (NYSE:BKSY) Trading 13.6% Higher - Here's Why

Key Points

• BlackSky Technology shares jumped 13.6% to about $28.61 in mid-day trading, although trading volume was 83% below the stock’s average session volume.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $39.33; ratings range from Buy to Strong Sell.
• The company reported weaker-than-expected quarterly results, including an EPS loss of $0.82 versus the $0.37 expected and revenue of $20.77 million versus the $27.60 million consensus estimate.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s share price shot up 13.6% during mid-day trading on Thursday . The company traded as high as $28.52 and last traded at $28.6050. Approximately 301,737 shares traded hands during trading, a decline of 83% from the average session volume of 1,803,011 shares. The stock had previously closed at $25.18.

Analysts Set New Price Targets

Several equities analysts have recently commented on BKSY shares. Weiss Ratings restated a "sell (d-)" rating on shares of BlackSky Technology in a research report on Friday, July 17th. Wall Street Zen lowered shares of BlackSky Technology from a "hold" rating to a "strong sell" rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group raised shares of BlackSky Technology to a "hold" rating in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $39.33.

BlackSky Technology Price Performance

The business's fifty day moving average price is $28.56 and its 200 day moving average price is $29.31. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.46 and a quick ratio of 3.34. The stock has a market cap of $1.14 billion, a P/E ratio of -10.91 and a beta of 2.61.

BlackSky Technology (NYSE:BKSY - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.82) earnings per share (EPS) 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 the consensus estimate of $27.60 million. BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. Sell-side analysts forecast that BlackSky Technology Inc. will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in shares of BlackSky Technology during the 4th quarter valued at $26,000. Strive Financial Group LLC acquired a new position in BlackSky Technology in the 4th quarter worth about $26,000. Wexford Capital LP bought a new position in BlackSky Technology in the third quarter valued at about $30,000. Global Retirement Partners LLC bought a new position in BlackSky Technology in the fourth quarter valued at about $28,000. Finally, Fifth Third Bancorp acquired a new stake in shares of BlackSky Technology during the first quarter valued at about $48,000. 27.15% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source