BlackSky Technology (NYSE:BKSY) Stock Price Up 7% Following Analyst Upgrade

Shares of BlackSky Technology Inc. (NYSE:BKSY - Get Free Report) were up 7% during mid-day trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $20.00 to $28.00. Canaccord Genuity Group currently has a buy rating on the stock. BlackSky Technology traded as high as $28.44 and last traded at $27.78. Approximately 725,006 shares were traded during trading, a decline of 35% from the average daily volume of 1,118,134 shares. The stock had previously closed at $25.97.

Several other analysts have also weighed in on BKSY. Benchmark boosted 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 increased their price target on BlackSky Technology from $20.00 to $28.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $24.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of BlackSky Technology by 89.1% in the 4th quarter. Bank of New York Mellon Corp now owns 56,298 shares of the company's stock valued at $607,000 after purchasing an additional 26,528 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in BlackSky Technology by 98.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 189,157 shares of the company's stock valued at $2,041,000 after buying an additional 93,715 shares during the period. Farther Finance Advisors LLC purchased a new stake in BlackSky Technology during the 4th quarter valued at $44,000. Corebridge Financial Inc. raised its holdings in BlackSky Technology by 73.0% in 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. Finally, CIBC Private Wealth Group LLC bought a new position in BlackSky Technology in the 4th quarter worth $76,000. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

BlackSky Technology Stock Down 16.4%

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 firm has a market capitalization of $748.21 million, a P/E ratio of -9.20 and a beta of 2.07. The company's fifty day simple moving average is $15.81 and its 200 day simple moving average is $12.72.

BlackSky Technology (NYSE:BKSY - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.42) earnings per share (EPS) 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 the consensus estimate of $27.20 million. Research analysts expect that BlackSky Technology Inc. will post -2.28 EPS for the current year.

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.