Satellogic (NASDAQ:SATL) Shares Up 11.3% - Here's What Happened

Satellogic Inc. (NASDAQ:SATL - Get Free Report)'s share price shot up 11.3% on Wednesday . The stock traded as high as $4.06 and last traded at $4.04. 5,023,798 shares were traded during mid-day trading, an increase of 108% from the average session volume of 2,420,814 shares. The stock had previously closed at $3.63.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Satellogic in a research report on Wednesday. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of "Sell".

Satellogic Trading Up 11.3%

The company's 50-day simple moving average is $3.56 and its 200-day simple moving average is $3.65.

Satellogic (NASDAQ:SATL - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.06) EPS for the quarter. The business had revenue of $4.44 million for the quarter.

Insider Buying and Selling at Satellogic

In other Satellogic news, CFO Rick Dunn sold 22,692 shares of the company's stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $3.80, for a total value of $86,229.60. Following the transaction, the chief financial officer directly owned 134,451 shares in the company, valued at $510,913.80. The trade was a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Emiliano Kargieman sold 435,956 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $3.94, for a total transaction of $1,717,666.64. Following the completion of the transaction, the chief executive officer owned 2,226,793 shares in the company, valued at approximately $8,773,564.42. This represents a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,051,895 shares of company stock worth $4,044,419 over the last ninety days. Insiders own 63.71% of the company's stock.

Hedge Funds Weigh In On Satellogic

Several institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Satellogic in the second quarter valued at about $137,000. JPMorgan Chase & Co. acquired a new position in shares of Satellogic in the second quarter valued at about $118,000. New York State Common Retirement Fund acquired a new position in shares of Satellogic in the second quarter valued at about $97,000. Bank of America Corp DE acquired a new position in shares of Satellogic in the second quarter valued at about $88,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Satellogic in the second quarter valued at about $87,000. 17.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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