Satellogic (NASDAQ:SATL) Shares Gap Up – Here’s What Happened

Satellogic Inc. (NASDAQ:SATL) gapped up prior to trading on Monday . The stock had previously closed at $4.62, but opened at $5.06. Satellogic shares last traded at $5.0590, with a volume of 1,833,729 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Loop Capital set a $4.50 price objective on Satellogic in a report on Wednesday, March 11th. Weiss Ratings raised Satellogic from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Northland Securities set a $11.00 price target on Satellogic in a research note on Thursday, May 28th. Freedom Capital lowered Satellogic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen cut Satellogic from a “hold” rating to a “sell” rating in a research note on Saturday. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.10.

Satellogic Price Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 2.44 and a quick ratio of 2.41. The stock has a market capitalization of $847.93 million, a P/E ratio of -7.63 and a beta of 1.19. The stock’s fifty day moving average is $7.44 and its 200-day moving average is $5.11.

Satellogic (NASDAQ:SATL) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.84) earnings per share for the quarter. The company had revenue of $6.11 million during the quarter. Satellogic had a negative return on equity of 100.03% and a negative net margin of 443.06%. On average, equities analysts anticipate that Satellogic Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other Satellogic news, Director Liberty 77 Capital L.P. sold 10,000,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $9.77, for a total transaction of $97,700,000.00. Following the transaction, the director owned 10,000,000 shares in the company, valued at $97,700,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Alan Kharsansky sold 87,091 shares of Satellogic stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $8.35, for a total transaction of $727,209.85. Following the completion of the transaction, the chief technology officer directly owned 47,785 shares in the company, valued at approximately $399,004.75. This represents a 64.57% decrease in their position. The disclosure for this sale is available in the SEC filing. 38.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SATL. Bank of America Corp DE lifted its position in Satellogic by 29.8% during the 1st quarter. Bank of America Corp DE now owns 72,832 shares of the company’s stock worth $396,000 after acquiring an additional 16,707 shares during the last quarter. MSA Advisors LLC bought a new stake in Satellogic during the 1st quarter valued at approximately $143,000. Royal Bank of Canada grew its holdings in Satellogic by 4,052.9% in the 1st quarter. Royal Bank of Canada now owns 417,033 shares of the company’s stock valued at $2,269,000 after buying an additional 406,991 shares during the last quarter. Themes Management Co LLC bought a new position in Satellogic in the 1st quarter worth approximately $121,000. Finally, Renaissance Technologies LLC bought a new position in Satellogic in the 1st quarter worth approximately $6,463,000. 17.58% of the stock is currently owned by institutional investors and hedge funds.

Satellogic Company Profile

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.