Satellogic (NASDAQ:SATL) Posts Quarterly 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 - ) released its quarterly earnings data on Tuesday. The company reported ($0.06) earnings per share (EPS) for the quarter, Zacks reports.

Satellogic Stock Up 6.1%

Shares of NASDAQ SATL traded up $0.20 during trading hours on Tuesday, reaching $3.48. The stock had a trading volume of 999,961 shares, compared to its average volume of 1,142,015. Satellogic has a fifty-two week low of $0.93 and a fifty-two week high of $5.49. The firm has a 50-day moving average of $3.48 and a 200-day moving average of $3.61.

Insider Transactions at Satellogic

In other Satellogic news, CFO Rick Dunn sold 30,009 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $3.50, for a total transaction of $105,031.50. Following the completion of the sale, the chief financial officer directly owned 132,108 shares of the company's stock, valued at $462,378. This represents a 18.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Matthew Tirman sold 22,860 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $4.16, for a total value of $95,097.60. Following the sale, the president directly owned 101,241 shares of the company's stock, valued at approximately $421,162.56. This represents a 18.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,892 shares of company stock valued at $777,610. Insiders own 63.71% of the company's stock.

Institutional Trading of Satellogic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of Satellogic by 1,671.4% during the 2nd quarter. Geode Capital Management LLC now owns 874,487 shares of the company's stock worth $3,166,000 after buying an additional 825,121 shares in the last quarter. Rhumbline Advisers purchased a new position in Satellogic in the 2nd quarter valued at approximately $351,000. JPMorgan Chase & Co. purchased a new position in Satellogic in the 2nd quarter valued at approximately $118,000. Finally, Legal & General Group Plc acquired a new stake in Satellogic during the 2nd quarter valued at $27,000. 17.58% of the stock is owned by hedge funds and other institutional investors.

Satellogic Company Profile

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.

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