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

BlackSky Technology Inc. (NYSE:BKSY) was down 9.3% during mid-day trading on Wednesday. The stock traded as low as $18.30 and last traded at $17.8870. Approximately 445,702 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,596,062 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BKSY. Clear Str upgraded shares of BlackSky Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Weiss Ratings reiterated 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 research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.33.

BlackSky Technology Stock Down 12.4%

The stock has a market cap of $707.10 million, a P/E ratio of -9.52 and a beta of 2.70. The firm has a 50 day simple moving average of $23.87 and a 200-day simple moving average of $29.39. 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) last announced its earnings results on Thursday, August 6th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.16). The firm had revenue of $33.32 million for the quarter, compared to the consensus estimate of $30.72 million. BlackSky Technology had a negative return on equity of 51.24% and a negative net margin of 61.24%. On average, equities research analysts forecast that BlackSky Technology Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Transactions at BlackSky Technology

In related news, CFO Henry Dubois sold 15,225 shares of BlackSky Technology stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $20.95, for a total transaction of $318,963.75. Following the sale, the chief financial officer directly owned 482,931 shares of the company’s stock, valued at approximately $10,117,404.45. The trade was a 3.06% decrease in their position. The sale 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, CEO Brian O’Toole sold 56,280 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $20.95, for a total value of $1,179,066.00. Following the sale, the chief executive officer directly owned 1,063,396 shares in the company, valued at approximately $22,278,146.20. This trade represents a 5.03% decrease in their position. 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. In the last quarter, insiders sold 138,557 shares of company stock valued at $2,991,269. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On BlackSky Technology

Several institutional investors have recently added to or reduced their stakes in the business. Tema ETFs LLC boosted its holdings in BlackSky Technology by 110,505.8% during the 2nd quarter. Tema ETFs LLC now owns 1,446,724 shares of the company’s stock worth $40,393,000 after acquiring an additional 1,445,416 shares during the last quarter. Tidal Investments LLC purchased a new position in BlackSky Technology in the second quarter valued at approximately $39,289,000. AWM Investment Company Inc. purchased a new position in shares of BlackSky Technology during the 2nd quarter valued at $33,504,000. Bank of America Corp DE raised its holdings in BlackSky Technology by 156.1% during the 1st quarter. Bank of America Corp DE now owns 412,891 shares of the company’s stock valued at $10,388,000 after acquiring an additional 251,638 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in BlackSky Technology by 88.2% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 170,618 shares of the company’s stock valued at $4,293,000 after acquiring an additional 79,970 shares in the last quarter. 27.15% of the stock is owned by institutional investors and hedge funds.

About BlackSky Technology

BlackSky Technology Inc provides geospatial intelligence and satellite-imagery services to government and commercial customers. The company operates a constellation of Earth-observation satellites designed to collect high-resolution imagery and other data, supporting monitoring of locations and activities around the world.

BlackSky combines satellite data with artificial intelligence, machine learning and other analytics through its Spectra platform. Its services are intended to deliver timely insights for applications including defense and intelligence, disaster response, infrastructure monitoring, maritime awareness, supply-chain management and other forms of global activity monitoring.

The company was established in 2013 and originated within Spaceflight Industries before becoming a publicly traded company through a business combination completed in 2021.