In a recent transaction, Tracy Ward, the Senior Vice President and Controller of BlackSky Technology Inc. (NYSE:BKSY), sold shares in the company. The transaction involved the sale of 1,389 shares at a price of $5.86, totaling approximately $8,139. The sale took place on September 10, 2024, as disclosed in a filing with the U.S. Securities and Exchange Commission.
The shares sold by Ward were to cover statutory tax withholding obligations related to the vesting of Restricted Stock Units (RSUs). It is important to note that this sale was not a discretionary decision by the reporting person, but a necessary step to fulfill tax requirements.
Following the transaction, Ward's ownership in BlackSky Technology stands at 33,793 shares. This number has been adjusted to account for the company's 1-for-8 reverse stock split completed on September 6, 2024.
BlackSky Technology Inc., headquartered in Herndon, Virginia, operates within the radio and TV broadcasting and communications equipment industry. The company has undergone several name changes in the past, previously known as Osprey Technology Acquisition Corp., Osprey Energy Acquisition Corp. II, and Osprey Acquisition Corp. II.
Investors and followers of BlackSky Technology can stay informed of further insider transactions by monitoring the company's filings and public disclosures.
In other recent news, BlackSky Technology Inc. has secured a U.S. Navy research contract to integrate advanced optical intersatellite link terminals into its Gen-3 imaging satellites. This technology enhancement aims to provide real-time access to imagery during time-sensitive military operations. BlackSky has also announced a public offering of its Class A common stock, priced at $4.00 per share, with Oppenheimer & Co. and Lake Street Capital Markets serving as joint book-running managers.
The company reported a 29% year-over-year revenue growth in the second quarter of 2024, totaling $24.9 million, driven by strong demand for its space-based intelligence solutions. BlackSky has also secured a multi-year contract with NASA, potentially worth up to $476 million, to provide high-revisit satellite imaging data.
H.C. Wainwright upgraded its price target for BlackSky's stock from $2.50 to $15.00, maintaining a Buy rating. Lake Street Capital Markets also reiterated its Buy rating for BlackSky, despite a slight miss in revenue for the quarter. These are recent developments in the company's operations and financial performance.
InvestingPro Insights
To provide additional context to the recent insider transaction at BlackSky Technology Inc. (NYSE:BKSY), it's worth examining some key financial metrics and insights from InvestingPro.
According to InvestingPro data, BlackSky's market capitalization stands at $125.44 million, reflecting its current position in the radio and TV broadcasting and communications equipment industry. The company has shown impressive revenue growth, with a 43.02% increase in the last twelve months as of Q2 2024, reaching $105.94 million. This growth trajectory is further emphasized by a 29.03% quarterly revenue increase in Q2 2024.
An InvestingPro Tip highlights BlackSky's impressive gross profit margins, which is supported by the data showing a gross profit margin of 69.14% for the last twelve months as of Q2 2024. This strong margin could be indicative of the company's efficiency in its core operations.
However, another InvestingPro Tip cautions that BlackSky is quickly burning through cash. This aligns with the reported operating income of -$44.13 million and an operating income margin of -41.66% for the same period. These figures suggest that despite strong top-line growth and gross margins, the company is facing challenges in achieving profitability.
The stock's recent performance has been notably volatile, with a significant 52.07% price decline over the past month and a 57.66% drop over the last six months. This volatility is reflected in another InvestingPro Tip, which notes that the stock generally trades with high price volatility.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for BlackSky Technology, providing a deeper understanding of the company's financial health and market position.
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