BlackSky Technology (NYSE:BKSY) Shares Down 6.5% Following Insider Selling

BlackSky Technology Inc. (NYSE:BKSY)’s share price dropped 6.5% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $21.70 and last traded at $21.59. Approximately 269,589 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,709,615 shares. The stock had previously closed at $23.10.

Specifically, CFO Henry Edward Dubois sold 4,000 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $23.78, for a total transaction of $95,120.00. Following the transaction, the chief financial officer owned 498,156 shares in the company, valued at $11,846,149.68. This represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

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

BlackSky Technology Stock Performance

The stock’s 50 day moving average is $25.73 and its two-hundred day moving average is $29.68. The firm has a market capitalization of $883.67 million, a P/E ratio of -11.87 and a beta of 2.61. The company has a debt-to-equity ratio of 0.94, a current ratio of 5.83 and a quick ratio of 5.72.

BlackSky Technology (NYSE:BKSY) last issued its 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). The business had revenue of $33.32 million for the quarter, compared to the consensus estimate of $30.72 million. BlackSky Technology had a negative net margin of 61.24% and a negative return on equity of 51.24%. As a group, equities analysts anticipate that BlackSky Technology Inc. will post -1.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BlackSky Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in shares of BlackSky Technology by 392.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock worth $38,860,000 after buying an additional 1,652,014 shares during the period. Vanguard Group Inc. boosted its stake in BlackSky Technology by 7.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,697,683 shares of the company’s stock worth $34,208,000 after acquiring an additional 123,171 shares during the last quarter. Tema ETFs LLC grew its holdings in BlackSky Technology by 110,505.8% during the second quarter. Tema ETFs LLC now owns 1,446,724 shares of the company’s stock valued at $40,393,000 after purchasing an additional 1,445,416 shares during the period. AWM Investment Company Inc. bought a new stake in BlackSky Technology in the second quarter valued at approximately $33,504,000. Finally, State Street Corp raised its holdings in BlackSky Technology by 63.3% in the fourth quarter. State Street Corp now owns 996,019 shares of the company’s stock worth $18,675,000 after purchasing an additional 386,207 shares during the period. Institutional investors own 27.15% of the company’s stock.

About BlackSky Technology

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.