BlackSky Technology (NYSE:BKSY) Shares Down 8.8% - Here's Why

Key Points

• BlackSky Technology Inc.'s stock experienced a significant drop of 8.8%, closing at $18.77, following a previous close of $20.57.
• Multiple analysts reaffirmed buy ratings for BKSY, with price targets ranging from $17.00 to $28.00, and a consensus price target of $23.50.
• Institutional investors have shown increasing interest, with substantial percentage increases in holdings by firms such as IFP Advisors and GAMMA Investing, indicating strong institutional support for the stock.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report) fell 8.8% on Tuesday . The company traded as low as $18.81 and last traded at $18.77. 1,309,229 shares traded hands during trading, a decline of 18% from the average session volume of 1,592,333 shares. The stock had previously closed at $20.57.

Analyst Ratings Changes

A number of brokerages recently weighed in on BKSY. Lake Street Capital upped their price objective on BlackSky Technology from $18.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. 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 note on Tuesday, July 22nd. HC Wainwright upped their price objective on BlackSky Technology from $20.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Benchmark increased their price target on BlackSky Technology from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Wall Street Zen cut BlackSky Technology from a "hold" rating to a "strong sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat, BlackSky Technology has an average rating of "Moderate Buy" and an average target price of $23.50.

BlackSky Technology Stock Performance

The business has a 50 day simple moving average of $18.14 and a 200 day simple moving average of $13.59. 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 company has a market capitalization of $602.12 million, a PE ratio of -5.10 and a beta of 2.09.

BlackSky Technology (NYSE:BKSY - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.03). BlackSky Technology had a negative net margin of 82.04% and a negative return on equity of 50.78%. The business had revenue of $22.20 million during the quarter, compared to analysts' expectations of $22.17 million. Equities research analysts predict that BlackSky Technology Inc. will post -2.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. raised its stake in shares of BlackSky Technology by 115.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,626 shares of the company's stock worth $28,000 after purchasing an additional 1,406 shares during the last quarter. IFP Advisors Inc raised its stake in shares of BlackSky Technology by 35,575.0% in the second quarter. IFP Advisors Inc now owns 1,427 shares of the company's stock worth $32,000 after purchasing an additional 1,423 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of BlackSky Technology by 6,937.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,689 shares of the company's stock worth $35,000 after purchasing an additional 1,665 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of BlackSky Technology by 22.7% in the fourth quarter. BNP Paribas Financial Markets now owns 3,691 shares of the company's stock worth $40,000 after purchasing an additional 683 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of BlackSky Technology by 14,829.2% in the first quarter. GAMMA Investing LLC now owns 7,166 shares of the company's stock worth $55,000 after purchasing an additional 7,118 shares during the last quarter. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

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.