BlackSky Technology (NYSE:BKSY) Trading Up 4.5% - Here's Why

Key Points

• BlackSky Technology shares rose 4.5% to about $23.26 in midday trading, although volume was 83% below the average session level.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $39.33.
• The company exceeded quarterly revenue expectations but missed on earnings, reporting a loss of $0.54 per share versus the expected $0.38 loss; profitability remained weak with a negative net margin of 61.24%.

BlackSky Technology Inc. (NYSE:BKSY - Get Free Report)'s share price traded up 4.5% during mid-day trading on Thursday . The company traded as high as $23.11 and last traded at $23.2580. Approximately 286,428 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,646,798 shares. The stock had previously closed at $22.25.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Clear Str raised shares of BlackSky Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Jefferies Financial Group upgraded shares of BlackSky Technology to a "hold" rating in a research note on Wednesday, June 10th. Weiss Ratings restated a "sell (d-)" rating on shares of BlackSky Technology in a research report on Friday, July 17th. Finally, Wall Street Zen raised BlackSky Technology from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.33.

BlackSky Technology Price Performance

The firm's 50-day moving average is $24.12 and its 200-day moving average is $29.73. The company has a market capitalization of $952.32 million, a PE ratio of -12.84 and a beta of 2.61. The company has a quick ratio of 5.72, a current ratio of 5.83 and a debt-to-equity ratio of 0.94.

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

Insider Activity at BlackSky Technology

In related news, CAO Christiana L. Lin sold 13,052 shares of BlackSky Technology stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $20.95, for a total transaction of $273,439.40. Following the sale, the chief accounting officer directly owned 427,680 shares in the company, valued at $8,959,896. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Henry Dubois sold 15,225 shares of the company's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $20.95, for a total transaction of $318,963.75. Following the completion of the sale, the chief financial officer directly owned 482,931 shares in the company, valued at $10,117,404.45. This represents a 3.06% decrease in their ownership of the stock. 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 sold a total of 138,557 shares of company stock worth $2,991,269 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackSky Technology

A number of hedge funds have recently bought and sold shares of BKSY. Fifth Third Bancorp bought a new stake in BlackSky Technology in the 1st quarter worth about $48,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of BlackSky Technology during the 4th quarter valued at about $95,000. Integrated Wealth Concepts LLC bought a new stake in shares of BlackSky Technology in the second quarter worth approximately $216,000. The Manufacturers Life Insurance Company bought a new stake in shares of BlackSky Technology in the first quarter worth approximately $217,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of BlackSky Technology by 332.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 12,116 shares of the company's stock valued at $227,000 after purchasing an additional 9,313 shares during the last quarter. Institutional investors 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 timely Earth-observation data and analysis to government and commercial customers. The company operates a satellite constellation designed to collect high-resolution imagery and support persistent monitoring of locations and activities around the world.

BlackSky's offerings include satellite imagery, automated change detection, geospatial intelligence, and artificial intelligence-powered analytics.

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