The divergence between large sellers (Bank Of New York Mellon, Daiwa) and smaller buyers suggests institutional sentiment is split on BlackSky post-earnings and post-ATM raise. Monitor for further 13F filings from other large holders to see if the selling trend broadens. The strong Q2 beat and reaffirmed guidance support the bull case, but the $150M ATM dilution overhang and top-holder trims warrant caution — watch for insider buying as a confirming signal.
Executive Summary
BlackSky Technology saw a mixed institutional cluster in Q2 2026: 6 buyers added $1.8M in net new positions (led by Exchange Traded Concepts and Citigroup), while 4 sellers reduced holdings by $37M, primarily driven by large trims from Bank Of New York Mellon (-$30M) and Daiwa Securities Group (-$7.1M). The selling is concentrated among two of the company's largest institutional holders, suggesting a potential rebalancing or profit-taking after the stock's strong run, while the buying is smaller in scale and comes from asset managers. The cluster follows a strong Q2 earnings beat (revenue +50% YoY, consensus beat) and a $150M ATM equity raise, which may explain the divergence in institutional sentiment — some funds are trimming exposure due to dilution concerns while others are adding on growth momentum.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$35.2M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Exchange Traded Concepts | DOUBLED | +320.6% | $1.0M | $789.0K |
| Citigroup | DOUBLED | +124.6% | $941.0K | $564.0K |
| New York State Common Retirement Fund | ADD | +52.5% | $373.0K | $153.0K |
| Russell Investments Group | DOUBLED | +235% | $270.0K | $197.0K |
| Farther Finance Advisors | ADD | +43.4% | $257.0K | $80.0K |
| Pnc Financial Services Group | DOUBLED | +354% | $20.0K | $16.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Bank Of New York Mellon | TRIM | -65.7% | $48.3M | -$29.9M |
| Daiwa Securities Group | TRIM | -38.9% | $22.0M | -$7.1M |
| Fifth Third Bancorp | NEAR_EXIT | -89.3% | $48.0K | -$42.2K |
| Eurizon Capital Sgr S.p.a. | TRIM | -32.7% | $26.0K | -$3.5K |
Key Facts
- 6 institutional buyers added $1.8M in net new positions in Q2 2026
- 4 institutional sellers reduced holdings by $37M, led by Bank Of New York Mellon (-$30M) and Daiwa Securities Group (-$7.1M)
- Bank Of New York Mellon trimmed 65.7% of its position (1.26M shares), Daiwa trimmed 38.9% (340K shares)
- Exchange Traded Concepts more than quadrupled its position (+320.6%, +$789K), Citigroup doubled (+124.6%, +$564K)
- No open-market insider buying detected in the window (confluence score 31/100, institutions_only)
- Cluster follows Q2 2026 earnings beat (revenue $33.3M, +50% YoY, consensus $29.9M) and $150M ATM equity raise
Financial Impact
Net institutional selling of ~$35.2M (buyers added $1.8M, sellers reduced $37M), concentrated in two top holders reducing positions by $37M
Risk Factors
- Continued institutional selling from top holders could pressure the stock
- $150M ATM equity raise creates ongoing dilution risk
- No insider buying to corroborate institutional accumulation
- 13F data is 45 days stale — positions may have already been unwound
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BKSY-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Insider Cluster | $17.58 | awaiting T+20 | — | — |
Sep 22, 2026 4w ago | Insider Cluster | $22.25 $17.35 | ▲ +22.02% | ▲ +22.71% | — |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▼ −7.76% | ▼ −10.49% | — |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▲ +7.76% | ▲ +10.49% | — |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | — |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | — |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | — |
Aug 26, 2026 8w ago | 25-NSE | $24.68 $23.17 | ▲ +6.12% | ▲ +7.32% | — |
Aug 8, 2026 11w ago | Institutional Cluster | $28.61 $22.08 | ▼ −22.82% | ▼ −21.91% | — |
Aug 6, 2026 11w ago | 8-K | $27.79 $20.63 | ▼ −25.76% | ▼ −26.36% | — |
US Market Status
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