BlackSky Technology (NYSE:BKSY) Trading Down 9.3% – Should You Sell?

Shares of BlackSky Technology Inc. (NYSE:BKSY) traded down 9.3% during mid-day trading on Thursday . The company traded as low as $22.09 and last traded at $22.0440. 723,535 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,886,716 shares. The stock had previously closed at $24.30.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BKSY shares. Wall Street Zen lowered shares of BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Jefferies Financial Group raised BlackSky Technology to a “hold” rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BlackSky Technology in a research report on Monday, April 20th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, BlackSky Technology has an average rating of “Hold” and an average target price of $36.50.

BlackSky Technology Stock Performance

The company’s 50-day moving average price is $34.75 and its 200 day moving average price is $29.34. The company has a debt-to-equity ratio of 2.39, a quick ratio of 3.34 and a current ratio of 3.46. The stock has a market capitalization of $793.06 million, a PE ratio of -8.39 and a beta of 2.59.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BKSY. Bank of New York Mellon Corp raised its holdings in BlackSky Technology by 392.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock worth $38,860,000 after purchasing an additional 1,652,014 shares in the last quarter. Tema ETFs LLC boosted its holdings in shares of BlackSky Technology by 110,505.8% during 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 in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of BlackSky Technology during the 4th quarter valued at $16,395,000. Goldman Sachs Group Inc. grew its position in shares of BlackSky Technology by 343.7% in the 1st 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. Finally, Wasatch Advisors LP purchased a new stake in shares of BlackSky Technology in the 3rd quarter worth about $8,278,000. Hedge funds and other institutional investors own 27.15% of the company’s stock.

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.