BlackSky Technology (NYSE:BKSY) Stock Price Down 9.3% - Here's What Happened

Key Points

• BlackSky Technology shares fell 9.3% to about $17.89 in mid-day trading, with volume significantly below the stock’s average.
• The company’s latest quarterly results missed expectations on earnings, reporting a loss of $0.54 per share versus the expected $0.38 loss, despite revenue exceeding estimates.
• Analyst sentiment remains mixed but averages to a “Moderate Buy”, with a consensus price target of $39.33; meanwhile, insiders sold shares primarily to cover tax obligations tied to vested equity awards.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s share price traded down 9.3% during mid-day trading on Wednesday. The stock traded as low as $18.30 and last traded at $17.8870. 445,702 shares changed hands during trading, a decline of 72% from the average daily volume of 1,596,062 shares. The stock had previously closed at $19.72.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen raised BlackSky Technology from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of BlackSky Technology in a report on Friday, July 17th. Finally, Clear Str raised BlackSky Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.33.

BlackSky Technology Price Performance

The company has a current ratio of 5.83, a quick ratio of 5.72 and a debt-to-equity ratio of 0.94. The business's 50 day moving average price is $23.87 and its two-hundred day moving average price is $29.39. The stock has a market cap of $707.10 million, a P/E ratio of -9.52 and a beta of 2.70.

BlackSky Technology (NYSE:BKSY - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.16). The company had revenue of $33.32 million during the quarter, compared to the consensus estimate of $30.72 million. BlackSky Technology had a negative return on equity of 51.24% and a negative net margin of 61.24%. As a group, sell-side analysts expect that BlackSky Technology Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brian O'Toole sold 56,280 shares of the company's stock in a transaction that occurred on Friday, September 11th. The shares were 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 owned 1,063,396 shares of the company's stock, valued at approximately $22,278,146.20. This represents a 5.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 firm's 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 sale, the chief accounting officer directly owned 427,680 shares of the company's stock, valued at $8,959,896. The trade was a 2.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 138,557 shares of company stock valued at $2,991,269 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of BlackSky Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Tema ETFs LLC boosted its holdings in shares of BlackSky Technology by 110,505.8% in the 2nd quarter. Tema ETFs LLC now owns 1,446,724 shares of the company's stock valued at $40,393,000 after buying an additional 1,445,416 shares during the period. Tidal Investments LLC acquired a new position in BlackSky Technology during the second quarter valued at $39,289,000. AWM Investment Company Inc. bought a new position in BlackSky Technology during the second quarter valued at approximately $33,504,000. Bank of America Corp DE increased its position in BlackSky Technology by 156.1% during the first quarter. Bank of America Corp DE now owns 412,891 shares of the company's stock worth $10,388,000 after buying an additional 251,638 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its holdings in shares of BlackSky Technology by 88.2% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 170,618 shares of the company's stock valued at $4,293,000 after acquiring an additional 79,970 shares during the last quarter. Hedge funds and other institutional investors own 27.15% of the company's stock.

About BlackSky Technology

BlackSky Technology Inc provides geospatial intelligence and satellite-imagery services to government and commercial customers. The company operates a constellation of Earth-observation satellites designed to collect high-resolution imagery and other data, supporting monitoring of locations and activities around the world.

BlackSky combines satellite data with artificial intelligence, machine learning and other analytics through its Spectra platform. Its services are intended to deliver timely insights for applications including defense and intelligence, disaster response, infrastructure monitoring, maritime awareness, supply-chain management and other forms of global activity monitoring.

The company was established in 2013 and originated within Spaceflight Industries before becoming a publicly traded company through a business combination completed in 2021.

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