BlackSky Technology (NYSE:BKSY) Shares Down 13.2% on Analyst Downgrade

BlackSky Technology Inc. (NYSE:BKSY)’s share price fell 13.2% on Monday after Jefferies Financial Group downgraded the stock from a buy rating to a hold rating. Jefferies Financial Group now has a $50.00 price target on the stock. BlackSky Technology traded as low as $42.03 and last traded at $42.0540. 593,682 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 1,851,931 shares. The stock had previously closed at $48.47.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of BlackSky Technology in a report on Monday, April 20th. Wall Street Zen lowered BlackSky Technology from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Canaccord Genuity Group lowered their target price on BlackSky Technology from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $42.00 target price on shares of BlackSky Technology in a report on Friday, February 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BlackSky Technology presently has a consensus rating of “Hold” and an average price target of $36.50.

Institutional Trading of BlackSky Technology

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of BlackSky Technology by 392.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,072,543 shares of the company’s stock valued at $38,860,000 after acquiring an additional 1,652,014 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of BlackSky Technology by 7.8% during the third quarter. Vanguard Group Inc. now owns 1,697,683 shares of the company’s stock valued at $34,208,000 after acquiring an additional 123,171 shares during the last quarter. State Street Corp boosted its stake in shares of BlackSky Technology by 63.3% during the fourth quarter. State Street Corp now owns 996,019 shares of the company’s stock valued at $18,675,000 after acquiring an additional 386,207 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of BlackSky Technology during the fourth quarter valued at $16,395,000. Finally, Geode Capital Management LLC boosted its stake in shares of BlackSky Technology by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 718,490 shares of the company’s stock valued at $13,474,000 after acquiring an additional 22,695 shares during the last quarter. Institutional investors and hedge funds own 27.15% of the company’s stock.

BlackSky Technology Trading Up 3.6%

The company has a quick ratio of 3.34, a current ratio of 3.46 and a debt-to-equity ratio of 2.39. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -17.21 and a beta of 2.52. The business has a 50 day moving average of $36.49 and a 200 day moving average of $26.62.

BlackSky Technology (NYSE:BKSY) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.82) EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $27.60 million. On average, research analysts forecast that BlackSky Technology Inc. will post -1.32 earnings per share for the current fiscal year.

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.