Satellogic (NASDAQ:SATL) Shares Up 5.5% - Here's Why

Key Points

• Shares of Satellogic jumped 5.5% intraday to as high as $7.52 on Thursday, though trading volume was light at ~3.51M shares (down ~68% vs. average).
• The company beat expectations for the quarter, reporting EPS of $0.17 versus a consensus of ($0.06) and revenue of $6.25M compared with $3.83M estimated.
• Analyst coverage is mixed (consensus "Moderate Buy" with a $5.50 price target) while insiders have been net sellers recently—about 1.02M shares sold in the last 90 days and insiders now own 51.62% of the stock.

Shares of Satellogic Inc. (NASDAQ:SATL - Get Free Report) shot up 5.5% during mid-day trading on Thursday . The company traded as high as $7.52 and last traded at $7.2980. 3,511,095 shares traded hands during trading, a decline of 68% from the average session volume of 11,031,578 shares. The stock had previously closed at $6.92.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SATL. Weiss Ratings reissued a "sell (d-)" rating on shares of Satellogic in a research note on Thursday, January 22nd. Craig Hallum began coverage on Satellogic in a report on Wednesday, January 21st. They set a "buy" rating and a $5.00 price objective on the stock. Freedom Capital upgraded Satellogic to a "strong-buy" rating in a report on Wednesday, March 11th. Cantor Fitzgerald set a $7.00 price objective on Satellogic in a report on Friday, February 20th. Finally, Zacks Research upgraded Satellogic to a "hold" rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $5.50.

Satellogic Price Performance

The stock has a fifty day moving average price of $4.35 and a 200-day moving average price of $3.21. The firm has a market capitalization of $1.03 billion, a PE ratio of -28.86 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a quick ratio of 5.02 and a current ratio of 5.12.

Satellogic (NASDAQ:SATL - Get Free Report) last announced its quarterly earnings results on Thursday, March 19th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.23. Satellogic had a negative return on equity of 34.92% and a negative net margin of 27.01%.The business had revenue of $6.25 million for the quarter, compared to the consensus estimate of $3.83 million.

Insider Buying and Selling at Satellogic

In other news, insider Fitzgerald L. P. Cantor sold 500,000 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $5.01, for a total value of $2,505,000.00. Following the completion of the sale, the insider owned 12,356,500 shares of the company's stock, valued at $61,906,065. This trade represents a 3.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 1,024,373 shares of company stock valued at $5,447,676. 51.62% of the stock is owned by company insiders.

Institutional Trading of Satellogic

A number of institutional investors have recently made changes to their positions in the business. Cantor Fitzgerald L. P. boosted its position in shares of Satellogic by 16.2% in the 4th quarter. Cantor Fitzgerald L. P. now owns 13,380,873 shares of the company's stock worth $25,022,000 after purchasing an additional 1,863,696 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Satellogic in the 4th quarter worth $16,830,000. Vanguard Group Inc. boosted its position in shares of Satellogic by 44.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,262,216 shares of the company's stock worth $10,700,000 after purchasing an additional 1,002,400 shares in the last quarter. Weiss Asset Management LP acquired a new stake in Satellogic during the 4th quarter worth about $4,053,000. Finally, Geode Capital Management LLC lifted its position in Satellogic by 34.5% during the 4th quarter. Geode Capital Management LLC now owns 1,807,737 shares of the company's stock worth $3,381,000 after acquiring an additional 463,811 shares during the period. Institutional investors and hedge funds own 17.58% of the company's stock.

About Satellogic

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.