Satellogic (NASDAQ:SATL) Shares Down 6.4% After Insider Selling

Key Points

• Satellogic's stock declined by 6.4% following significant insider selling by CEO Emiliano Kargieman, who sold multiple blocks of shares totaling over $2.5 million over the past week.
• The company reported a loss of ($0.06) earnings per share and revenue of $4.44 million in its last quarterly earnings results.
• Institutional investors have steadily increased their stakes in Satellogic, with ownership now at 17.58% of the company's stock.

Satellogic Inc. (NASDAQ:SATL - Get Free Report) fell 6.4% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $3.48 and last traded at $3.53. 2,630,971 shares changed hands during trading, an increase of 69% from the average session volume of 1,557,851 shares. The stock had previously closed at $3.77.

Specifically, CEO Emiliano Kargieman sold 17,380 shares of Satellogic stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $3.75, for a total value of $65,175.00. Following the completion of the sale, the chief executive officer owned 2,000,000 shares in the company, valued at approximately $7,500,000. The trade was a 0.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Emiliano Kargieman sold 209,413 shares of Satellogic stock in a transaction on Monday, September 15th. The stock was sold at an average price of $3.85, for a total transaction of $806,240.05. Following the sale, the chief executive officer owned 2,017,380 shares in the company, valued at $7,766,913. This represents a 9.40% decrease in their position. The disclosure for this sale can be found here. In other Satellogic news, CEO Emiliano Kargieman sold 435,956 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $3.94, for a total value of $1,717,666.64. Following the completion of the transaction, the chief executive officer directly owned 2,226,793 shares in the company, valued at approximately $8,773,564.42. This trade represents a 16.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Satellogic Stock Performance

The company has a 50-day moving average of $3.55 and a 200 day moving average of $3.65.

Satellogic (NASDAQ:SATL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.06) earnings per share for the quarter. The firm had revenue of $4.44 million for the quarter.

Hedge Funds Weigh In On Satellogic

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in Satellogic by 1,671.4% in the 2nd quarter. Geode Capital Management LLC now owns 874,487 shares of the company's stock valued at $3,166,000 after buying an additional 825,121 shares during the period. Penserra Capital Management LLC purchased a new position in shares of Satellogic during the 2nd quarter valued at $380,000. Rhumbline Advisers bought a new position in shares of Satellogic during the 2nd quarter valued at about $351,000. Invesco Ltd. purchased a new position in shares of Satellogic in the 2nd quarter valued at approximately $146,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Satellogic in the second quarter worth $137,000. Institutional investors and hedge funds own 17.58% of the company's stock.

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.