BlackSky Technology (NYSE:BKSY) Trading 7% Higher on Analyst Upgrade

BlackSky Technology Inc. (NYSE:BKSY)’s stock price rose 7% on Thursday after Canaccord Genuity Group raised their price target on the stock from $20.00 to $28.00. Canaccord Genuity Group currently has a buy rating on the stock. BlackSky Technology traded as high as $28.44 and last traded at $27.78. Approximately 725,006 shares changed hands during trading, a decline of 35% from the average daily volume of 1,118,134 shares. The stock had previously closed at $25.97.

Several other equities analysts also recently weighed in on the company. Benchmark raised their price target on BlackSky Technology from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. HC Wainwright raised their target price on BlackSky Technology from $20.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $24.33.

Hedge Funds Weigh In On BlackSky Technology

A number of hedge funds have recently bought and sold shares of BKSY. Summit Investment Advisors Inc. increased its stake 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 during the last quarter. BNP Paribas Financial Markets grew its stake in 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 in the last quarter. Farther Finance Advisors LLC acquired a new position in BlackSky Technology during the 4th quarter worth $44,000. GAMMA Investing LLC lifted its holdings in BlackSky Technology by 14,829.2% during the 1st quarter. GAMMA Investing LLC now owns 7,166 shares of the company’s stock worth $55,000 after buying an additional 7,118 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in BlackSky Technology by 217.0% during the 1st quarter. New York State Common Retirement Fund now owns 8,765 shares of the company’s stock worth $68,000 after buying an additional 6,000 shares during the last quarter. Hedge funds and other institutional investors own 27.15% of the company’s stock.

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 $897.44 million, a PE ratio of -11.03 and a beta of 2.07. The company has a fifty day moving average price of $15.57 and a two-hundred day moving average price of $12.60.

BlackSky Technology (NYSE:BKSY) last issued its quarterly earnings results 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. The firm had revenue of $29.54 million for the quarter, compared to analysts’ expectations of $27.20 million. BlackSky Technology had a negative return on equity of 45.63% and a negative net margin of 50.30%. Sell-side analysts forecast that BlackSky Technology Inc. will post -2.28 earnings per share for the current year.

BlackSky Technology Company Profile

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.