Bank of New York Mellon Corp Has $48.26 Million Stake in BlackSky Technology Inc. $BKSY

Key Points

• Bank of New York Mellon Corp reduced its BlackSky Technology stake by 7.5% in the first quarter, but still held 1.92 million shares worth about $48.26 million, or 5.17% of the company.
• BlackSky Technology has seen mixed analyst sentiment: Jefferies upgraded it to hold, while Weiss Ratings reiterated a sell and Wall Street Zen downgraded it to strong sell. The stock’s average rating is currently Hold with a $39.33 price target.
• The company reported weak quarterly results, posting a loss of $0.82 per share versus expectations of a $0.37 loss and revenue of $20.77 million below estimates. Shares were down 5.2%, and the stock has traded well below its 52-week high of $52.88.

Bank of New York Mellon Corp decreased its position in BlackSky Technology Inc. (NYSE:BKSY - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,918,084 shares of the company's stock after selling 154,459 shares during the period. Bank of New York Mellon Corp owned 5.17% of BlackSky Technology worth $48,259,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in BKSY. Quarry LP bought a new position in shares of BlackSky Technology during the 4th quarter worth $26,000. Strive Financial Group LLC purchased a new stake in shares of BlackSky Technology during the 4th quarter valued at $26,000. Global Retirement Partners LLC purchased a new position in shares of BlackSky Technology in the 4th quarter worth about $28,000. Wexford Capital LP bought a new stake in shares of BlackSky Technology in the 3rd quarter worth approximately $30,000. Finally, IFP Advisors Inc increased its stake in shares of BlackSky Technology by 57.9% during the third quarter. IFP Advisors Inc now owns 2,253 shares of the company's stock valued at $45,000 after buying an additional 826 shares during the period. 27.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BKSY has been the subject of several analyst reports. Jefferies Financial Group upgraded BlackSky Technology to a "hold" rating in a report on Wednesday, June 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of BlackSky Technology in a research report on Friday, July 17th. Finally, Wall Street Zen downgraded BlackSky Technology from a "hold" rating to a "strong sell" rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, BlackSky Technology currently has an average rating of "Hold" and an average price target of $39.33.

BlackSky Technology Stock Down 5.2%

Shares of NYSE BKSY opened at $21.60 on Friday. BlackSky Technology Inc. has a 52-week low of $12.41 and a 52-week high of $52.88. The stock has a 50 day moving average price of $32.34 and a 200 day moving average price of $29.42. The firm has a market capitalization of $801.50 million, a price-to-earnings ratio of -8.47 and a beta of 2.59. The company has a debt-to-equity ratio of 2.39, a quick ratio of 3.34 and a current ratio of 3.46.

BlackSky Technology (NYSE:BKSY - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.82) EPS for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.45). BlackSky Technology had a negative net margin of 89.07% and a negative return on equity of 74.25%. The firm had revenue of $20.77 million for the quarter, compared to analysts' expectations of $27.60 million. Sell-side analysts expect that BlackSky Technology Inc. will post -1.32 earnings per share for the current year.

BlackSky Technology 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.

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