BlackSky Technology (NYSE:BKSY) Shares Up 10% After Analyst Upgrade

BlackSky Technology Inc. (NYSE:BKSY) shares rose 10% during mid-day trading on Thursday after Jefferies Financial Group upgraded the stock to a hold rating. The company traded as high as $35.14 and last traded at $34.9770. Approximately 363,557 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,890,956 shares. The stock had previously closed at $31.79.

A number of other analysts also recently commented on BKSY. HC Wainwright reissued a “buy” rating and set a $42.00 price objective on shares of BlackSky Technology in a report on Friday, February 27th. Canaccord Genuity Group reduced their price target on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a research note on Monday, April 20th. Finally, Wall Street Zen cut BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $36.50.

Hedge Funds Weigh In On BlackSky Technology

Several hedge funds have recently added to or reduced their stakes in BKSY. Quarry LP acquired a new position in BlackSky Technology during the fourth quarter worth about $26,000. Strive Financial Group LLC acquired a new stake in shares of BlackSky Technology in the fourth quarter valued at approximately $26,000. Wexford Capital LP purchased a new position in shares of BlackSky Technology during the 3rd quarter worth approximately $30,000. Global Retirement Partners LLC purchased a new position in shares of BlackSky Technology during the 4th quarter worth approximately $28,000. Finally, Fifth Third Bancorp acquired a new position in shares of BlackSky Technology during the 1st quarter worth approximately $48,000. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

BlackSky Technology Trading Up 7.7%

The company has a current ratio of 3.46, a quick ratio of 3.34 and a debt-to-equity ratio of 2.39. The business has a 50 day moving average of $37.98 and a 200-day moving average of $27.71. The stock has a market cap of $1.27 billion, a PE ratio of -13.52 and a beta of 2.52.

BlackSky Technology (NYSE:BKSY) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.45). BlackSky Technology had a negative return on equity of 74.25% and a negative net margin of 89.07%.The company had revenue of $20.77 million for the quarter, compared to analysts’ expectations of $27.60 million. On average, analysts anticipate that BlackSky Technology Inc. will post -1.32 EPS for the current year.

BlackSky Technology Company Profile

BlackSky Technology, Inc operates Earth observation and geospatial intelligence services through a constellation of small satellites and an analytics platform. The company collects and processes high-revisit satellite imagery, enabling near-real-time monitoring of global events and locations. Clients across government, defense and commercial sectors leverage BlackSky’s imagery and data to support decision-making in areas such as supply chain monitoring, humanitarian aid, infrastructure management and security operations.

Founded in 2014 as part of Spaceflight Industries, BlackSky has grown its satellite constellation and analytics capabilities to deliver satellite imagery with high revisit rates and rapid tasking.