BlackSky Technology (NYSE:BKSY) Shares Gap Up Following Analyst Upgrade

BlackSky Technology Inc. (NYSE:BKSY) shares gapped up before the market opened on Thursday after Canaccord Genuity Group raised their price target on the stock from $14.00 to $20.00. The stock had previously closed at $17.28, but opened at $18.00. Canaccord Genuity Group currently has a buy rating on the stock. BlackSky Technology shares last traded at $19.64, with a volume of 884,938 shares.

A number of other research firms also recently weighed in on BKSY. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of BlackSky Technology in a research report on Friday, March 7th. Benchmark increased their price objective on shares of BlackSky Technology from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, BlackSky Technology currently has a consensus rating of “Buy” and a consensus target price of $21.67.

Hedge Funds Weigh In On BlackSky Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. raised its position in BlackSky Technology by 115.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,626 shares of the company’s stock worth $28,000 after acquiring an additional 1,406 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of BlackSky Technology by 22.7% during the 4th quarter. BNP Paribas Financial Markets now owns 3,691 shares of the company’s stock worth $40,000 after purchasing an additional 683 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of BlackSky Technology during the 4th quarter worth about $44,000. GAMMA Investing LLC raised its holdings in shares of BlackSky Technology by 14,829.2% in the 1st quarter. GAMMA Investing LLC now owns 7,166 shares of the company’s stock valued at $55,000 after purchasing an additional 7,118 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in BlackSky Technology by 217.0% in the 1st quarter. New York State Common Retirement Fund now owns 8,765 shares of the company’s stock valued at $68,000 after purchasing an additional 6,000 shares during the last quarter. 27.15% of the stock is owned by institutional investors.

BlackSky Technology Price Performance

The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $650.00 million, a price-to-earnings ratio of -7.99 and a beta of 1.85. The company’s 50 day moving average is $11.26 and its 200-day moving average is $11.40.

BlackSky Technology (NYSE:BKSY) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.05. BlackSky Technology had a negative return on equity of 45.63% and a negative net margin of 50.30%. The firm had revenue of $29.54 million for the quarter, compared to analyst estimates of $27.20 million. Equities research analysts anticipate that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

About BlackSky Technology

BlackSky Technology Inc provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operation of satellite and ground systems for government and commercial customers in North America, the Middle East, the Asia Pacific, and internationally.