Wall Street Zen Downgrades BlackSky Technology (NYSE:BKSY) to Strong Sell

Key Points

• Wall Street Zen has downgraded BlackSky Technology from a "hold" rating to a "strong sell" rating, reflecting a significant change in sentiment regarding the company's stock.
• Despite the downgrade, BlackSky Technology has received various ratings, with six analysts still issuing a "buy" rating and a consensus target price of $23.50.
• The company's recent earnings report showed a loss of ($0.52) EPS, which was below the consensus estimate, indicating potential challenges ahead for BlackSky Technology.

Wall Street Zen cut shares of BlackSky Technology (NYSE:BKSY - Free Report) from a hold rating to a strong sell rating in a research note released on Saturday morning.

A number of other research analysts have also weighed in on the company. Lake Street Capital upped their price objective on BlackSky Technology from $18.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Canaccord Genuity Group dropped their price objective on BlackSky Technology from $28.00 to $27.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. HC Wainwright upped their price objective on BlackSky Technology from $20.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Finally, Benchmark upped their price objective on BlackSky Technology from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to MarketBeat, BlackSky Technology presently has an average rating of "Moderate Buy" and an average price target of $23.50.

BlackSky Technology Stock Performance

Shares of BlackSky Technology stock traded up $0.11 during trading hours on Friday, hitting $17.20. 1,504,593 shares of the company were exchanged, compared to its average volume of 1,613,922. BlackSky Technology has a 1 year low of $3.86 and a 1 year high of $28.85. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 1.26. The business has a 50-day moving average of $18.14 and a 200-day moving average of $13.60. The stock has a market capitalization of $604.58 million, a price-to-earnings ratio of -5.12 and a beta of 2.09.

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 return on equity of 50.78% and a negative net margin of 82.04%. The company had revenue of $22.20 million for the quarter, compared to analysts' expectations of $22.17 million. As a group, analysts expect that BlackSky Technology will post -2.28 EPS for the current fiscal year.

Institutional Trading of BlackSky Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen LLC purchased a new position in BlackSky Technology during the first quarter worth about $9,582,000. Mithril II GP LP purchased a new position in BlackSky Technology during the fourth quarter worth about $11,116,000. Goldman Sachs Group Inc. lifted its position in BlackSky Technology by 343.7% during the first quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company's stock worth $4,311,000 after buying an additional 432,023 shares during the period. Invesco Ltd. purchased a new position in BlackSky Technology during the fourth quarter worth about $3,868,000. Finally, Geode Capital Management LLC lifted its position in BlackSky Technology by 94.2% during the fourth quarter. Geode Capital Management LLC now owns 551,444 shares of the company's stock worth $5,951,000 after buying an additional 267,427 shares during the period. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

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.