BlackSky Technology (NYSE:BKSY) Shares Up 18.1% – What’s Next?

BlackSky Technology Inc. (NYSE:BKSY) shares shot up 18.1% during mid-day trading on Monday . The company traded as high as $21.74 and last traded at $22.2710. 550,424 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 1,481,841 shares. The stock had previously closed at $18.85.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BKSY. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Wednesday, January 21st. HC Wainwright restated a “buy” rating and set a $42.00 price target on shares of BlackSky Technology in a report on Friday. Canaccord Genuity Group decreased their price objective on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday. Finally, Jefferies Financial Group started coverage on BlackSky Technology in a research note on Monday, December 22nd. They set a “buy” rating and a $23.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, BlackSky Technology has an average rating of “Moderate Buy” and an average target price of $27.40.

BlackSky Technology Stock Up 12.9%

The business has a 50 day simple moving average of $22.88 and a 200 day simple moving average of $20.73. The company has a market capitalization of $765.69 million, a price-to-earnings ratio of -9.90 and a beta of 2.44. The company has a debt-to-equity ratio of 2.08, a current ratio of 3.89 and a quick ratio of 3.89.

BlackSky Technology (NYSE:BKSY) last posted its earnings results on Thursday, February 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.06. The firm had revenue of $35.21 million for the quarter, compared to analyst estimates of $37.13 million. BlackSky Technology had a negative return on equity of 54.86% and a negative net margin of 65.93%. As a group, equities analysts predict that BlackSky Technology Inc. will post -2.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackSky Technology

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in BlackSky Technology by 392.8% in the 4th quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock valued at $38,860,000 after buying an additional 1,652,014 shares during the period. Daiwa Securities Group Inc. acquired a new position in BlackSky Technology during the 4th quarter worth $16,395,000. Goldman Sachs Group Inc. increased its holdings in BlackSky Technology by 343.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 557,729 shares of the company’s stock worth $4,311,000 after purchasing an additional 432,023 shares during the period. Wasatch Advisors LP acquired a new stake in BlackSky Technology in the 3rd quarter valued at about $8,278,000. Finally, Portolan Capital Management LLC purchased a new position in shares of BlackSky Technology in the 3rd quarter valued at about $7,855,000. 27.15% of the stock is currently owned by institutional investors and hedge funds.

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.