Short Interest in Satellogic Inc. (NASDAQ:SATL) Declines By 29.4%

Satellogic Inc. (NASDAQ:SATL) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 3,310,000 shares, a drop of 29.4% from the September 30th total of 4,690,000 shares. Currently, 4.6% of the company’s stock are sold short. Based on an average daily trading volume, of 3,150,000 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily trading volume, of 3,150,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 4.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Satellogic in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Satellogic Stock Performance

Shares of Satellogic stock opened at $1.88 on Tuesday. The stock has a market capitalization of $230.02 million, a PE ratio of -8.55 and a beta of 1.37. Satellogic has a 52-week low of $0.93 and a 52-week high of $5.49. The company has a 50-day simple moving average of $3.26 and a two-hundred day simple moving average of $3.52.

Satellogic (NASDAQ:SATL) last issued its earnings results on Tuesday, August 12th. The company reported ($0.06) earnings per share for the quarter. The business had revenue of $4.44 million during the quarter.

Insider Buying and Selling

In other Satellogic news, CEO Emiliano Kargieman sold 435,956 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $3.94, for a total transaction of $1,717,666.64. Following the completion of the transaction, the chief executive officer owned 2,226,793 shares of the company’s stock, valued at approximately $8,773,564.42. This trade represents a 16.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,748,359 shares of company stock worth $6,883,879 over the last ninety days. Company insiders own 51.62% of the company’s stock.

Hedge Funds Weigh In On Satellogic

A number of hedge funds have recently bought and sold shares of SATL. Ameritas Investment Partners Inc. purchased a new position in Satellogic in the 2nd quarter worth about $25,000. Farther Finance Advisors LLC purchased a new position in Satellogic in the 3rd quarter worth about $26,000. Legal & General Group Plc purchased a new position in Satellogic in the 2nd quarter worth about $27,000. LMR Partners LLP purchased a new position in Satellogic in the 2nd quarter worth about $30,000. Finally, ProShare Advisors LLC purchased a new position in Satellogic in the 2nd quarter worth about $51,000. Hedge funds and other institutional investors 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.