BlackSky Technology Inc. (NYSE:BKSY) Chief Financial Officer Henry Edward Dubois has recently sold shares of the company's Class A Common Stock, according to the latest regulatory filings. The transaction, which took place on September 10, 2024, involved the sale of 23,590 shares at a price of $7.19 per share, totaling approximately $169,612.
The sale was conducted to cover statutory tax withholding obligations related to the vesting of Restricted Stock Units (RSUs), as noted in the footnotes of the filing. This was not a discretionary sale by Dubois, indicating that it was a mandatory transaction to satisfy tax requirements.
Furthermore, on the same date, Dubois acquired 197,072 RSUs at no cost. These RSUs represent a contingent right to receive shares of Class A Common Stock and are subject to a vesting schedule outlined in the footnotes. The first portion of these RSUs is set to vest on September 10, 2025, with additional vesting occurring quarterly thereafter, contingent upon Dubois's continued service to the company.
Following the sale, Dubois's adjusted ownership in BlackSky Technology stands at 231,645 shares, taking into account the company's 1-for-8 reverse stock split completed on September 6, 2024.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, in this case, the sale by the CFO was related to tax obligations rather than a market-driven decision.
BlackSky Technology Inc. specializes in radio and TV broadcasting and communications equipment and is incorporated in the state of X1. The company's business address is in Herndon, VA, and it operates under the manufacturing organization name 04 Manufacturing.
In other recent news, BlackSky Technology Inc. reported a 29% year-over-year revenue growth in the second quarter of 2024, totaling $24.9 million, fueled by robust demand for its space-based intelligence solutions. The company also secured a multi-year NASA contract, potentially worth up to $476 million, to provide high-revisit satellite imaging data. Furthermore, BlackSky has been awarded a U.S. Navy contract to integrate advanced optical intersatellite link terminals into its Gen-3 imaging satellites, aiming to enhance data transfer speeds and volumes for Navy customers.
The company 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. In the realm of analyst feedback, H.C. Wainwright upgraded its price target for BlackSky's stock from $2.50 to $15.00, maintaining a Buy rating, while Lake Street Capital Markets reiterated its Buy rating for the company.
In other developments, BlackSky's Board of Directors approved a 1-for-8 reverse stock split of its Class A common stock. The company also secured $40 million in new contracts and extensions, contributing to a positive adjusted EBITDA for the third consecutive quarter. These recent developments highlight the ongoing progress and strategic initiatives at BlackSky Technology Inc.
InvestingPro Insights
BlackSky Technology Inc. (NYSE:BKSY) has been experiencing significant financial challenges, as reflected in recent market data and analyst insights. According to InvestingPro data, the company's market capitalization stands at $125.44 million, with a concerning P/E ratio of -4.62 for the last twelve months as of Q2 2024. This negative P/E ratio aligns with an InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
Despite these challenges, BlackSky has shown impressive revenue growth, with a 43.02% increase in the last twelve months to Q2 2024, reaching $105.94 million. The company also boasts a strong gross profit margin of 69.14% for the same period. An InvestingPro Tip highlights these "impressive gross profit margins," suggesting that BlackSky maintains efficient core operations despite overall profitability issues.
However, investors should note that the stock has faced significant headwinds. The company's share price has declined sharply, with a one-year price total return of -51.67% as of the latest data. This aligns with another InvestingPro Tip stating that the "stock has taken a big hit over the last six months."
For those interested in a more comprehensive analysis, InvestingPro offers 14 additional tips for BlackSky Technology, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.