Satellogic (NASDAQ:SATL) Shares Gap Up on Strong Earnings

Key Points

• Satellogic beat quarterly expectations: Earnings were $0.14 per share versus consensus for a $0.02 loss, while revenue of $16.04 million exceeded the $12.44 million estimate.
• Shares jumped from a previous close of $3.90 to an opening price of $4.51 after the results, then last traded at $4.175 on reported volume of about 3.53 million shares.
• Analyst views were mixed, but the consensus rating was “Moderate Buy” with an $8.50 target price; Cantor Fitzgerald lowered its target from $9 to $7 while retaining an overweight rating.

Satellogic Inc. (NASDAQ:SATL - Get Free Report) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $3.90, but opened at $4.51. Satellogic shares last traded at $4.1750, with a volume of 3,532,829 shares traded.

The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.16. The business had revenue of $16.04 million during the quarter, compared to the consensus estimate of $12.44 million. Satellogic had a positive return on equity of 303.84% and a negative net margin of 325.65%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SATL. Zacks Research lowered Satellogic from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Wall Street Zen downgraded Satellogic from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Roth Capital restated a "buy" rating on shares of Satellogic in a research report on Thursday, August 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Satellogic in a research report on Wednesday, November 4th. Finally, Cantor Fitzgerald dropped their price objective on shares of Satellogic from $9.00 to $7.00 and set an "overweight" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Satellogic currently has an average rating of "Moderate Buy" and a consensus target price of $8.50.

Institutional Investors Weigh In On Satellogic

Several hedge funds and other institutional investors have recently made changes to their positions in SATL. Tidal Investments LLC acquired a new position in Satellogic in the second quarter valued at approximately $11,613,000. Tema ETFs LLC acquired a new stake in Satellogic during the second quarter worth $8,640,000. Renaissance Technologies LLC purchased a new stake in Satellogic in the first quarter valued at $6,463,000. Royal Bank of Canada raised its position in Satellogic by 4,052.9% in the first quarter. Royal Bank of Canada now owns 417,033 shares of the company's stock valued at $2,269,000 after purchasing an additional 406,991 shares during the period. Finally, Sei Investments Co. purchased a new stake in Satellogic in the first quarter valued at $1,607,000. Institutional investors and hedge funds own 17.58% of the company's stock.

Satellogic Trading Up 7.1%

The company has a 50 day moving average price of $4.60 and a 200 day moving average price of $5.26. The firm has a market cap of $641.86 million, a price-to-earnings ratio of -5.06 and a beta of 1.49. The company has a debt-to-equity ratio of 2.65, a quick ratio of 2.31 and a current ratio of 2.34.

About Satellogic

Satellogic is a space technology company that designs, manufactures and operates Earth-observation satellites. It provides satellite imagery and geospatial data products to customers seeking information about conditions and changes on the ground. The company's services include imagery and monitoring solutions for applications such as agriculture, forestry, energy, infrastructure and government operations. Satellogic also offers access to satellite data and imaging capacity for organizations that need tailored Earth-observation capabilities.

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