Satellogic (NASDAQ:SATL) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Shares of Satellogic Inc. (NASDAQ:SATL) saw unusually-strong trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 9,705,353 shares changed hands during mid-day trading, an increase of 7% from the previous session’s volume of 9,049,166 shares.The stock last traded at $4.0250 and had previously closed at $3.28.

The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.23. The firm had revenue of $6.25 million during the quarter, compared to the consensus estimate of $3.83 million.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SATL shares. Wall Street Zen downgraded Satellogic from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Northland Securities assumed coverage on Satellogic in a research note on Wednesday, February 18th. They issued an “outperform” rating and a $5.50 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Satellogic in a report on Thursday, January 22nd. Freedom Capital upgraded shares of Satellogic to a “strong-buy” rating in a research report on Wednesday, March 11th. Finally, Cantor Fitzgerald set a $7.00 target price on shares of Satellogic in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Satellogic has a consensus rating of “Moderate Buy” and a consensus price target of $5.50.

Insider Transactions at Satellogic

In other Satellogic news, major shareholder Fitzgerald L. P. Cantor sold 388,827 shares of Satellogic stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $5.63, for a total transaction of $2,189,096.01. Following the transaction, the insider directly owned 12,862,075 shares of the company’s stock, valued at approximately $72,413,482.25. The trade was a 2.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 524,373 shares of company stock worth $2,942,676. 51.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Satellogic

Several institutional investors and hedge funds have recently made changes to their positions in SATL. ProShare Advisors LLC acquired a new stake in Satellogic during the 2nd quarter worth about $51,000. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 825,121 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Satellogic in the 2nd quarter valued at about $58,000. Intech Investment Management LLC bought a new stake in shares of Satellogic during the 2nd quarter valued at about $120,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Satellogic during the 2nd quarter valued at about $118,000. Institutional investors and hedge funds own 17.58% of the company’s stock.

Satellogic Stock Up 20.6%

The firm has a market cap of $535.92 million, a price-to-earnings ratio of -16.38 and a beta of 1.45. The firm has a 50 day moving average of $3.53 and a 200 day moving average of $2.86.

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.