Satellogic (NASDAQ:SATL) Shares Gap Up on Earnings Beat

Satellogic Inc. (NASDAQ:SATL)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.90, but opened at $4.51. Satellogic shares last traded at $4.1750, with a volume of 3,532,829 shares traded.

The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.16. Satellogic had a positive return on equity of 303.84% and a negative net margin of 325.65%. The firm had revenue of $16.04 million for the quarter, compared to analyst estimates of $12.44 million.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen cut Satellogic from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Cantor Fitzgerald lowered their price objective on Satellogic from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Satellogic in a report on Wednesday, November 4th. Zacks Research lowered Satellogic from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Roth Capital restated a “buy” rating on shares of Satellogic in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Satellogic currently has an average rating of “Moderate Buy” and an average price target of $8.50.

Hedge Funds Weigh In On Satellogic

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its holdings in shares of Satellogic by 69.4% during the second quarter. Allworth Financial LP now owns 6,214 shares of the company’s stock worth $36,000 after purchasing an additional 2,545 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Satellogic in the 2nd quarter valued at $46,000. Trueblood Wealth Management LLC acquired a new position in Satellogic in the 3rd quarter valued at $55,000. Kestra Advisory Services LLC acquired a new position in Satellogic in the 3rd quarter valued at $57,000. Finally, StoneX Group Inc. purchased a new position in Satellogic during the 3rd quarter worth $75,000. Institutional investors and hedge funds own 17.58% of the company’s stock.

Satellogic Stock Performance

The company has a market cap of $641.86 million, a PE ratio of -5.06 and a beta of 1.49. The company has a debt-to-equity ratio of 2.65, a quick ratio of 2.31 and a current ratio of 2.34. The stock’s 50-day simple moving average is $4.60 and its 200 day simple moving average is $5.26.

About Satellogic

Satellogic is a space technology company that designs, manufactures and operates Earth-observation satellites. It provides satellite imagery and geospatial data products to customers seeking information about conditions and changes on the ground. The company’s services include imagery and monitoring solutions for applications such as agriculture, forestry, energy, infrastructure and government operations. Satellogic also offers access to satellite data and imaging capacity for organizations that need tailored Earth-observation capabilities.