BlackSky Technology (NYSE:BKSY) Trading Down 8.9% – Time to Sell?

BlackSky Technology Inc. (NYSE:BKSY) traded down 8.9% during mid-day trading on Thursday . The company traded as low as $37.10 and last traded at $37.0390. 304,816 shares traded hands during trading, a decline of 82% from the average session volume of 1,679,870 shares. The stock had previously closed at $40.66.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of BlackSky Technology from a “strong sell” rating to a “hold” rating in a report on Saturday, March 21st. Canaccord Genuity Group dropped their price target on shares of BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $42.00 price target on shares of BlackSky Technology in a report on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.40.

BlackSky Technology Stock Performance

The company has a quick ratio of 3.37, a current ratio of 3.48 and a debt-to-equity ratio of 2.04. The company has a market cap of $1.39 billion, a PE ratio of -17.45 and a beta of 2.25. The business’s fifty day moving average is $26.74 and its 200-day moving average is $23.38.

BlackSky Technology (NYSE:BKSY) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.06. The company had revenue of $35.21 million for the quarter, compared to the consensus estimate of $37.13 million. BlackSky Technology had a negative net margin of 65.93% and a negative return on equity of 53.94%. As a group, research analysts predict that BlackSky Technology Inc. will post -1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On BlackSky Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in shares of 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 buying an additional 1,652,014 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of BlackSky Technology by 7.8% in the third quarter. Vanguard Group Inc. now owns 1,697,683 shares of the company’s stock worth $34,208,000 after buying an additional 123,171 shares during the last quarter. State Street Corp boosted its holdings in shares of 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 buying an additional 386,207 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of BlackSky Technology in the fourth quarter worth approximately $16,395,000. Finally, Geode Capital Management LLC boosted its holdings in shares of BlackSky Technology by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 718,490 shares of the company’s stock worth $13,474,000 after buying an additional 22,695 shares during the last quarter. 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.