BlackSky Technology (NYSE:BKSY) Stock Price Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• BlackSky shares moved above their 50-day moving average, trading as high as $21.43 and last quoted at $21.238, versus a 50-day average of $20.39. The stock remained below its 200-day average of $26.97.
• Analysts’ consensus rating is Moderate Buy, with a $39.33 average price target; ratings range from Strong Buy to Sell.
• In its latest quarter, BlackSky reported EPS of $0.10, beating the consensus estimate of a $0.23 loss, and revenue of $42.84 million versus expectations of $39.64 million. The company nevertheless posted a 61.24% negative net margin.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s share price passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $20.39 and traded as high as $21.43. BlackSky Technology shares last traded at $21.2380, with a volume of 1,445,234 shares trading hands.

Analyst Ratings Changes

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

BlackSky Technology Price Performance

The company's fifty day moving average price is $20.39 and its 200 day moving average price is $26.97. The firm has a market capitalization of $869.06 million, a price-to-earnings ratio of -16.59 and a beta of 2.84. The company has a debt-to-equity ratio of 0.94, a quick ratio of 5.72 and a current ratio of 5.83.

BlackSky Technology (NYSE:BKSY - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. 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 net margin of 61.24% and a negative return on equity of 51.24%. Equities research analysts expect that BlackSky Technology Inc. will post -1.09 earnings per share for the current year.

Insider Activity at BlackSky Technology

In related news, CEO Brian O'Toole sold 56,280 shares of BlackSky Technology stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $20.95, for a total value of $1,179,066.00. Following the completion of the sale, the chief executive officer directly owned 1,063,396 shares in the company, valued at $22,278,146.20. This trade represents a 5.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Christiana Lin sold 13,052 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $20.95, for a total value of $273,439.40. Following the completion of the transaction, the chief accounting officer owned 427,680 shares in the company, valued at approximately $8,959,896. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 168,557 shares of company stock worth $3,497,029. 5.20% of the stock is owned by insiders.

Hedge Funds Weigh In On BlackSky Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. grew its stake in shares of BlackSky Technology by 125.5% in the first quarter. Sei Investments Co. now owns 65,650 shares of the company's stock valued at $1,652,000 after buying an additional 36,541 shares in the last quarter. Jasper Ridge Partners L.P. purchased a new stake in BlackSky Technology during the second quarter valued at $2,087,000. Tema ETFs LLC raised its holdings in shares of BlackSky Technology by 110,505.8% in the second quarter. Tema ETFs LLC now owns 1,446,724 shares of the company's stock worth $40,393,000 after buying an additional 1,445,416 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of BlackSky Technology in the 2nd quarter valued at approximately $39,289,000. Finally, Sax Wealth Advisors LLC acquired a new position in BlackSky Technology during the third quarter worth approximately $1,431,000. Institutional investors and hedge funds own 27.15% of the company's stock.

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.

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