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Investing.com - H.C. Wainwright raised its price target on BlackSky Technology Inc. (NYSE:BKSY) to $28.00 from $20.00 on Monday, while maintaining a Buy rating despite recent stock underperformance. According to InvestingPro data, the stock has shown remarkable performance with a 119.65% year-to-date return, despite its characteristic high volatility (Beta: 2.07).
BlackSky shares declined 16.2% in Friday’s trading compared to a 0.6% drop in the Russell 2000. The selloff followed lower-than-expected second-quarter revenue of $22.2 million, below the Street’s estimate of $27.5 million, and a reduction in full-year guidance.
The company lowered its full-year revenue and adjusted EBITDA guidance to a range of $105.0 million to $130.0 million, down from the previous $120.0 million to $145.0 million. BlackSky attributed the reduction to anticipated impacts of budget uncertainties and volatility surrounding contract timing.
H.C. Wainwright noted that BlackSky’s capital expenditure plans and deployment schedule for Gen-3 satellites remain unchanged, with six anticipated launches by year-end. The firm’s optimism stems from strong underlying secular trends, including rising geopolitical tensions and higher global defense spending as NATO countries reduce dependence on the United States.
BlackSky’s backlog stood at approximately $366.0 million as of March 2025, with the ongoing deployment of Gen-3 satellites expected to unlock incremental revenue. The company plans to report complete second-quarter results in early August.
In other recent news, BlackSky Technology Inc. announced preliminary unaudited financial results for the second quarter of 2025, reporting an estimated revenue of $22.2 million, a decrease from $24.9 million in the same period in 2024. For the first half of 2025, total revenue was $51.7 million, an increase from $49.2 million in the first half of 2024. The company has also revised its full-year 2025 revenue guidance to a range between $105 million and $130 million, citing potential impacts from U.S. Government budget uncertainties. Additionally, BlackSky has priced a $160 million offering of 8.25% Convertible Senior Notes due 2033, with net proceeds expected to be approximately $153.7 million. The company plans to use a portion of these proceeds to repay its secured term loan and revolving credit facilities. In other developments, BlackSky secured a multimillion-dollar contract with a new international client for satellite imagery services, which includes subscription-based imagery and analytics services and ground segment modernization. This contract will run through 2029 and involves upgrading the customer’s ground station and mission operations center. The company continues to leverage its proprietary satellite constellation and Spectra AI-enabled tasking and analytics platform to provide real-time, space-based intelligence services.
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