David DiDomenico, a director at BlackSky Technology Inc. (NYSE:BKSY), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, DiDomenico sold 671 shares of BlackSky's Class A common stock on December 12 at a price of $10.65 per share, amounting to a total transaction value of $7,146. The stock has shown remarkable momentum, gaining over 40% in the past six months, according to InvestingPro data.
Following this transaction, DiDomenico holds 143,303 shares directly. Additionally, he holds 31,727 shares indirectly through two trusts: the Olivia W. Douglas 2012 Irrevocable Trust and the David M. DiDomenico 2012 Irrevocable Trust, for which he serves as a trustee.
The sale was reportedly intended to cover estimated end-of-year tax obligations related to the vesting of Restricted Stock Units (RSUs). The number of shares owned by DiDomenico has been adjusted to reflect a 1-for-8 reverse stock split completed by BlackSky on September 6, 2024.
In other recent news, BlackSky Technology has announced significant growth and progress during its Third Quarter 2024 Earnings Conference Call. The company reported a year-to-date revenue increase of 22%, along with positive adjusted EBITDA for the fourth consecutive quarter. Additionally, BlackSky secured contracts worth up to $780 million and raised over $45 million for its baseline Gen 3 satellite constellation. The company is also nearing the launch of its first Gen 3 satellite, expected to be operational in Q1 2025. These recent developments underscore the company's robust demand for its space-based intelligence solutions. BlackSky plans to begin regular Gen 3 satellite launches in 2025 to meet increasing customer demand. Notably, the company did not report any significant misses during the earnings call.
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