BlackSky Technology (NYSE:BKSY) Shares Gap Up After Strong Earnings

Key Points

• BlackSky beat quarterly expectations: EPS was $0.10 versus analysts’ forecast of a $0.23 loss, while revenue of $42.84 million topped the $39.64 million estimate.
• Shares jumped from a prior close of $16.77 to open at $19.07, then last traded at $18.74.
• Analysts held a “Moderate Buy” consensus rating, with an average price target of $39.33; ratings ranged from Strong Buy to Sell.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $16.77, but opened at $19.07. BlackSky Technology shares last traded at $18.7410, with a volume of 510,797 shares traded.

The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of ($0.23) by $0.33. The firm had revenue of $42.84 million during the quarter, compared to analysts' expectations of $39.64 million. BlackSky Technology had a negative return on equity of 51.24% and a negative net margin of 61.24%.

Wall Street Analyst Weigh In

BKSY has been the topic of several recent analyst reports. Wall Street Zen raised shares of BlackSky Technology from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Clear Str raised shares of BlackSky Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of BlackSky Technology in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.33.

Insider Buying and Selling at BlackSky Technology

In other news, CFO Henry Dubois sold 4,000 shares of the firm's stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $16.85, for a total value of $67,400.00. Following the sale, the chief financial officer directly owned 474,931 shares in the company, valued at approximately $8,002,587.35. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Christiana Lin sold 6,000 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $16.86, for a total value of $101,160.00. Following the sale, the chief accounting officer owned 415,680 shares of the company's stock, valued at approximately $7,008,364.80. This represents a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 168,557 shares of company stock valued at $3,497,029. 5.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackSky Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its stake in BlackSky Technology by 935.6% in the 3rd quarter. Sterling Capital Management LLC now owns 1,222 shares of the company's stock worth $26,000 after acquiring an additional 1,104 shares during the last quarter. Fifth Third Bancorp purchased a new stake in BlackSky Technology during the 1st quarter valued at about $48,000. State of Alaska Department of Revenue purchased a new stake in BlackSky Technology during the 3rd quarter valued at about $41,000. Integrated Wealth Concepts LLC acquired a new position in shares of BlackSky Technology in the second quarter valued at about $216,000. Finally, Arizona State Retirement System acquired a new position in shares of BlackSky Technology in the second quarter valued at about $236,000. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

BlackSky Technology Stock Performance

The stock has a market capitalization of $741.10 million, a PE ratio of -9.95 and a beta of 2.84. The company has a quick ratio of 5.72, a current ratio of 5.83 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average price of $20.57 and a 200-day moving average price of $27.04.

About BlackSky Technology

BlackSky Technology Inc is a space-based intelligence and geospatial analytics company that provides high-frequency monitoring of activity and changes on Earth. The company combines satellite imagery, artificial intelligence and machine learning, and other data sources to help customers identify and analyze events and locations of interest.

BlackSky operates a constellation of Earth-observation satellites and delivers imagery, alerts, and analytical products through its Spectra platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.