BlackSky Technology (NYSE:BKSY) Trading Up 7.3% - Here's Why

Key Points

• BlackSky Technology's stock increased by 7.3% on Wednesday, with trading highs of $21.50, but saw a significant decline in trading volume to 358,326 shares.
• Analyst ratings fluctuated, with Lake Street Capital and HC Wainwright raising target prices to $28.00, while Wall Street Zen downgraded the stock to a "strong sell."
• Insiders, including the CFO and CEO, sold shares worth over $1 million combined, indicating a 6.25% and 4.25% decrease in their holdings respectively.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s stock price shot up 7.3% on Wednesday . The company traded as high as $21.50 and last traded at $21.61. 358,326 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,621,236 shares. The stock had previously closed at $20.15.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Lake Street Capital boosted their target price on BlackSky Technology from $18.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. HC Wainwright lifted 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. Wall Street Zen downgraded BlackSky Technology from a "hold" rating to a "strong sell" rating in a report on Saturday, August 9th. Finally, Canaccord Genuity Group cut their price objective on shares of BlackSky Technology from $28.00 to $27.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $23.50.

BlackSky Technology Trading Up 7.8%

The firm has a market cap of $770.34 million, a P/E ratio of -6.42 and a beta of 2.15. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 1.35. The business's 50 day moving average is $18.40 and its 200-day moving average is $14.56.

BlackSky Technology (NYSE:BKSY - Get Free Report) last posted 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 return on equity of 52.27% and a negative net margin of 82.04%.The firm had revenue of $22.20 million during the quarter, compared to analyst estimates of $22.17 million. BlackSky Technology has set its FY 2025 guidance at EPS. As a group, analysts forecast that BlackSky Technology Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Transactions at BlackSky Technology

In related news, CFO Henry Edward Dubois sold 31,646 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $17.45, for a total value of $552,222.70. Following the sale, the chief financial officer owned 474,582 shares of the company's stock, valued at approximately $8,281,455.90. This trade represents a 6.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian E. O'toole sold 33,292 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $17.45, for a total transaction of $580,945.40. Following the completion of the transaction, the chief executive officer owned 750,164 shares of the company's stock, valued at approximately $13,090,361.80. This trade represents a 4.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,694 shares of company stock worth $1,565,160. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackSky Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its stake in BlackSky Technology by 9.1% during the second quarter. Osaic Holdings Inc. now owns 17,443 shares of the company's stock valued at $359,000 after buying an additional 1,451 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in BlackSky Technology by 638.0% during the second quarter. Tower Research Capital LLC TRC now owns 13,432 shares of the company's stock worth $276,000 after buying an additional 11,612 shares in the last quarter. Great Valley Advisor Group Inc. grew its position in BlackSky Technology by 22.5% in the second quarter. Great Valley Advisor Group Inc. now owns 13,600 shares of the company's stock worth $280,000 after buying an additional 2,500 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of BlackSky Technology by 197.4% in the second quarter. Bank of America Corp DE now owns 178,743 shares of the company's stock valued at $3,679,000 after buying an additional 118,650 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of BlackSky Technology by 1,095.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 181,438 shares of the company's stock worth $3,734,000 after acquiring an additional 166,264 shares in the last quarter. 27.15% of the stock is owned by 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.

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