Satellogic (NASDAQ:SATL) Stock Price Down 10% – Here’s What Happened

Satellogic Inc. (NASDAQ:SATL)’s share price dropped 10% during trading on Wednesday . The stock traded as low as $4.99 and last traded at $5.0050. 5,459,156 shares changed hands during trading, a decline of 48% from the average daily volume of 10,535,253 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of Satellogic from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Citigroup restated an “outperform” rating on shares of Satellogic in a report on Wednesday, May 13th. Roth Mkm upped their price target on shares of Satellogic from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Satellogic in a research note on Monday, June 15th. Finally, Loop Capital set a $4.50 price objective on shares of Satellogic in a report on Wednesday, March 11th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Satellogic has a consensus rating of “Moderate Buy” and a consensus price target of $9.10.

Satellogic Stock Performance

The business has a 50-day moving average of $7.55 and a two-hundred day moving average of $5.04. The company has a market cap of $684.13 million, a P/E ratio of -6.15 and a beta of 1.19. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.44 and a quick ratio of 2.41.

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

Insider Buying and Selling

In other Satellogic news, Director Liberty 77 Capital L.P. sold 10,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $9.77, for a total value of $97,700,000.00. Following the completion of the sale, the director directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Alan Kharsansky sold 87,091 shares of Satellogic stock in a transaction on Thursday, May 14th. The stock was 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 $399,004.75. This represents a 64.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 38.84% of the stock is owned by insiders.

Institutional Trading of Satellogic

A number of institutional investors have recently made changes to their positions in the business. Legal & General Group Plc acquired a new position in Satellogic during the 2nd quarter valued at about $27,000. LMR Partners LLP purchased a new position in shares of Satellogic in the 2nd quarter valued at approximately $30,000. Squarepoint Ops LLC acquired a new stake in Satellogic in the 3rd quarter worth approximately $33,000. Krilogy Financial LLC acquired a new stake in Satellogic in the 1st quarter worth approximately $60,000. Finally, Virtu Financial LLC purchased a new stake in Satellogic during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 17.58% of the company’s stock.

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.