Satellogic (NASDAQ:SATL) Announces Earnings Results

Key Points

• Satellogic reported a quarterly earnings loss of ($0.06) per share, with the stock closing up 6.1% to $3.48.
• Insider transactions included CFO Rick Dunn and President Matthew Tirman each selling over 30,000 shares, indicating a significant decrease in their ownership positions.
• Institutional interest increased as Geode Capital Management raised its stake by 1,671.4%, now owning 874,487 shares, reflecting a strong confidence in Satellogic.

Satellogic (NASDAQ:SATL - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.06) earnings per share for the quarter, Zacks reports. The business had revenue of $4.44 million for the quarter.

Satellogic Stock Down 0.3%

NASDAQ:SATL traded down $0.01 on Friday, reaching $3.71. 2,333,625 shares of the stock traded hands, compared to its average volume of 1,282,823. Satellogic has a 12 month low of $0.93 and a 12 month high of $5.49. The company's fifty day simple moving average is $3.48 and its 200 day simple moving average is $3.63.

Insiders Place Their Bets

In other news, CFO Rick Dunn sold 30,009 shares of Satellogic stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $3.50, for a total value of $105,031.50. Following the completion of the sale, the chief financial officer directly owned 132,108 shares in the company, valued at $462,378. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 63.71% of the company's stock.

Institutional Trading of Satellogic

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc purchased a new position in shares of Satellogic in the second quarter worth approximately $27,000. LMR Partners LLP purchased a new position in shares of Satellogic in the second quarter worth approximately $30,000. The Manufacturers Life Insurance Company purchased a new position in shares of Satellogic in the second quarter worth approximately $87,000. Bank of America Corp DE purchased a new position in shares of Satellogic in the second quarter worth approximately $88,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Satellogic in the second quarter worth approximately $97,000. 17.58% of the stock is currently owned by institutional investors.

About Satellogic

Satellogic Inc operates as an integrated geospatial company in the Asia Pacific, North America, and internationally. It engages in tasking satellites with monitoring assets and keeping up with their changing reality for government and commercial customers; control satellites on top of specific areas of interest for governments; and sale and support satellites.