Why BlackSky Stock Keeps Falling
It almost makes you wonder: What's even the point of winning a billion-dollar government contract and seeing your stock price skyrocket because of it if your stock can't hold onto the gains?
Just a little over a week ago, satellite intelligence company BlackSky (NYSE: BKSY) featured prominently in a National Reconnaissance Office award of "billions of dollars" of contracts to provide commercial spy satellite imagery to the U.S. government. Rival space operators Planet Labs and Maxar Technologies also won awards, but BlackSky's contract alone was reported to be worth $1 billion over 10 years.
Yet on Friday, BlackSky stock was down by 9.9% as of 1:50 p.m. ET -- and over the past three days of trading, the stock has dropped by more than 20% from its recent high.
Source Fool.com
