Shares of BlackSky Technology (NYSE: BKSY) launched into orbit this week, closing Wednesday's session with a 97% gain. The reason for the spike is that the company was one of three chosen by the National Reconnaissance Office (NRO) for what the government agency described as its "largest-ever" commercial imagery contract.
Details were sparse, but the press release from the agency, which is housed within the Defense Department, includes wording stating the contract is "valued at billions of dollars over the next decade" and that this marks a "historic expansion" of the NRO's "acquisition of historic imagery" to meet rising demand. CEO Brian E. O'Toole said the new NRO contract is the company's largest ever.
BlackSky maintains a fleet of satellites -- 14 so far -- providing high-frequency imaging, monitoring, and analytics to its clients in the governmental and commercial sectors. High-frequency imaging means BlackSky's satellites and the growing network of internet-enabled sensors work to create high-resolution satellite images of the desired area multiple times a day.
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This Space Stock Just Went Into Orbit...Should You Jump on Board?