BlackSky Technology (NYSE:BKSY) Stock Price Down 8.8% - Should You Sell?

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)'s share price was down 8.8% during trading on Tuesday . The company traded as low as $18.81 and last traded at $18.77. Approximately 1,309,229 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 1,592,333 shares. The stock had previously closed at $20.57.

Wall Street Analyst Weigh In

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

BlackSky Technology Trading Down 0.8%

The business's fifty day moving average is $18.02 and its 200 day moving average is $13.54. The stock has a market cap of $599.80 million, a PE ratio of -6.69 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.

BlackSky Technology (NYSE:BKSY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. 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 net margin of 50.30% and a negative return on equity of 45.63%. The company had revenue of $22.20 million during the quarter, compared to analyst estimates of $22.17 million. As a group, analysts predict that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

Institutional Trading of BlackSky Technology

Large investors have recently modified their holdings of the company. Two Sigma Investments LP acquired a new stake in shares of BlackSky Technology in the fourth quarter worth $1,219,000. Northern Trust Corp lifted its holdings in BlackSky Technology by 89.1% in the 4th quarter. Northern Trust Corp now owns 202,153 shares of the company's stock worth $2,181,000 after purchasing an additional 95,228 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of BlackSky Technology by 215.3% in the first quarter. Oppenheimer & Co. Inc. now owns 80,638 shares of the company's stock worth $623,000 after purchasing an additional 55,067 shares during the period. Nuveen Asset Management LLC boosted its holdings in BlackSky Technology by 20.5% in the 4th quarter. Nuveen Asset Management LLC now owns 72,890 shares of the company's stock valued at $786,000 after purchasing an additional 12,378 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of BlackSky Technology by 93.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,159 shares of the company's stock worth $153,000 after acquiring an additional 6,835 shares during the period. Institutional investors and hedge funds own 27.15% of the company's stock.

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.