Goldman Sachs Group Inc. Increases Stake in BlackSky Technology Inc. $BKSY

Key Points

• Goldman Sachs Group Inc. increased its shares in BlackSky Technology by 343.7%, acquiring an additional 432,023 shares to reach a total of 557,729 shares valued at approximately $4.31 million.
• Other hedge funds have also shown positive activity, with Northern Trust Corp increasing its stake by 89.1% in the fourth quarter, and Bank of America Corp DE boosting its position by 194.0%.
• BlackSky Technology's shares recently reported earnings results with a loss per share of ($0.52), missing analysts' estimates while revenue was slightly above expectations at $22.2 million.

Goldman Sachs Group Inc. boosted its stake in BlackSky Technology Inc. (NYSE:BKSY - Free Report) by 343.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 557,729 shares of the company's stock after acquiring an additional 432,023 shares during the period. Goldman Sachs Group Inc. owned 1.76% of BlackSky Technology worth $4,311,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BKSY. BNP Paribas Financial Markets boosted its holdings in BlackSky Technology by 22.7% in the fourth quarter. BNP Paribas Financial Markets now owns 3,691 shares of the company's stock valued at $40,000 after acquiring an additional 683 shares in the last quarter. GAMMA Investing LLC lifted its position in BlackSky Technology by 14,829.2% during the 1st quarter. GAMMA Investing LLC now owns 7,166 shares of the company's stock valued at $55,000 after acquiring an additional 7,118 shares during the period. New York State Common Retirement Fund boosted its stake in BlackSky Technology by 217.0% during the first quarter. New York State Common Retirement Fund now owns 8,765 shares of the company's stock worth $68,000 after acquiring an additional 6,000 shares in the last quarter. Brown Advisory Inc. bought a new stake in BlackSky Technology during the first quarter worth about $98,000. Finally, AQR Capital Management LLC bought a new stake in BlackSky Technology during the first quarter worth about $103,000. Institutional investors own 27.15% of the company's stock.

BlackSky Technology Stock Performance

Shares of NYSE BKSY traded up $1.62 during midday trading on Friday, hitting $21.05. 3,623,105 shares of the company's stock traded hands, compared to its average volume of 1,624,291. BlackSky Technology Inc. has a 1 year low of $3.86 and a 1 year high of $28.85. The stock has a market capitalization of $746.54 million, a price-to-earnings ratio of -6.26 and a beta of 2.15. The company has a debt-to-equity ratio of 1.35, a quick ratio of 3.71 and a current ratio of 3.71. The firm has a fifty day moving average of $18.97 and a 200 day moving average of $13.95.

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 the consensus estimate of ($0.49) by ($0.03). BlackSky Technology had a negative net margin of 82.04% and a negative return on equity of 52.27%. The business had revenue of $22.20 million for the quarter, compared to analysts' expectations of $22.17 million. BlackSky Technology has set its FY 2025 guidance at EPS. On average, analysts forecast that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian E. O'toole sold 33,292 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $17.45, for a total value of $580,945.40. Following the completion of the sale, the chief executive officer directly owned 750,164 shares of the company's stock, valued at approximately $13,090,361.80. This represents a 4.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Christiana L. Lin sold 24,036 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $17.45, for a total transaction of $419,428.20. Following the completion of the sale, the chief accounting officer directly owned 402,652 shares of the company's stock, valued at $7,026,277.40. This represents a 5.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,694 shares of company stock valued at $1,565,160. 3.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Canaccord Genuity Group dropped their price target 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. Wall Street Zen cut shares of BlackSky Technology from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 9th. Lake Street Capital upped their price target on shares of BlackSky Technology from $18.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, HC Wainwright upped their price target 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. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $23.50.

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.