Bank of New York Mellon Corp Takes $1.28 Million Position in Satellogic Inc. $SATL

Key Points

• Bank of New York Mellon purchased 223,513 Satellogic shares valued at approximately $1.28 million, while institutional investors collectively owned 17.58% of the company.
• Satellogic reported quarterly revenue of $15.92 million, exceeding analyst expectations of $9.57 million, but its adjusted loss of $0.13 per share was wider than the expected $0.03 loss.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and an $8.90 price target, despite shares opening at $4.99 after a reported 6.7% decline.

Bank of New York Mellon Corp purchased a new stake in Satellogic Inc. (NASDAQ:SATL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 223,513 shares of the company's stock, valued at approximately $1,278,000. Bank of New York Mellon Corp owned about 0.15% of Satellogic as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of Satellogic by 1,671.4% in the 2nd quarter. Geode Capital Management LLC now owns 874,487 shares of the company's stock worth $3,166,000 after acquiring an additional 825,121 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Satellogic in the second quarter valued at about $118,000. Legal & General Group Plc purchased a new stake in shares of Satellogic in the second quarter valued at about $27,000. Rhumbline Advisers acquired a new stake in Satellogic during the second quarter worth about $351,000. Finally, New York State Common Retirement Fund acquired a new stake in Satellogic during the second quarter worth about $97,000. Hedge funds and other institutional investors own 17.58% of the company's stock.

Satellogic Trading Down 6.7%

Shares of SATL stock opened at $4.99 on Thursday. The company has a debt-to-equity ratio of 2.65, a current ratio of 2.34 and a quick ratio of 2.31. The firm has a market cap of $767.16 million, a PE ratio of -6.09 and a beta of 1.36. The company has a 50-day moving average of $4.72 and a two-hundred day moving average of $5.71. Satellogic Inc. has a 1-year low of $1.25 and a 1-year high of $12.00.

Satellogic (NASDAQ:SATL - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.10). Satellogic had a negative net margin of 325.65% and a positive return on equity of 303.84%. The company had revenue of $15.92 million during the quarter, compared to analysts' expectations of $9.57 million. On average, analysts predict that Satellogic Inc. will post -0.02 EPS for the current year.

Analysts Set New Price Targets

SATL has been the subject of several analyst reports. Cantor Fitzgerald dropped their price target on shares of Satellogic from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Citigroup reaffirmed an "outperform" rating on shares of Satellogic in a research report on Wednesday, May 13th. Wall Street Zen cut Satellogic from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Freedom Capital upgraded Satellogic from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 29th. Finally, Northland Securities set a $11.00 target price on Satellogic in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.90.

Satellogic Profile

Satellogic Inc is a NewSpace company specializing in the design, manufacture and operation of a low‐Earth‐orbit (LEO) microsatellite constellation. The company's satellites capture high‐resolution multispectral imagery, enabling detailed monitoring of agricultural, forestry, maritime, energy and infrastructure assets. Satellogic's vertically integrated model covers end‐to‐end capabilities, from satellite development and deployment to data processing and analytics, allowing clients to access imagery and insights on demand.

Key offerings include geospatial data products, analytics services and software tools that leverage machine learning algorithms to interpret changes on Earth's surface.

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