Satellogic (NASDAQ:SATL) Shares Gap Down – Here’s Why

Satellogic Inc. (NASDAQ:SATL)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $10.74, but opened at $9.64. Satellogic shares last traded at $9.5030, with a volume of 7,358,880 shares traded.

Analyst Upgrades and Downgrades

SATL has been the topic of a number of recent analyst reports. Wall Street Zen lowered Satellogic from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Citigroup reaffirmed an “outperform” rating on shares of Satellogic in a research report on Wednesday, May 13th. Northland Securities set a $9.00 target price on Satellogic in a research report on Wednesday, May 13th. Freedom Capital lowered Satellogic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, Loop Capital set a $4.50 target price on Satellogic in a research report on Wednesday, March 11th. 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.70.

Satellogic Stock Down 11.9%

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 firm has a market cap of $1.40 billion, a PE ratio of -12.67 and a beta of 1.06. The business has a fifty day moving average price of $6.94 and a two-hundred day moving average price of $4.19.

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

Insiders Place Their Bets

In other news, 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 transaction, the chief technology officer owned 47,785 shares in the company, valued at approximately $399,004.75. The trade was a 64.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Fitzgerald L. P. Cantor sold 500,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $5.01, for a total value of $2,505,000.00. Following the completion of the transaction, the insider owned 12,356,500 shares in the company, valued at $61,906,065. This trade represents a 3.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 51.62% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its stake in Satellogic by 29.8% in the first quarter. Bank of America Corp DE now owns 72,832 shares of the company’s stock valued at $396,000 after purchasing an additional 16,707 shares in the last quarter. MSA Advisors LLC purchased a new position in Satellogic in the first quarter valued at about $143,000. Royal Bank of Canada grew its stake in Satellogic by 4,052.9% in the first quarter. Royal Bank of Canada now owns 417,033 shares of the company’s stock valued at $2,269,000 after purchasing an additional 406,991 shares in the last quarter. Themes Management Co LLC purchased a new position in Satellogic in the first quarter valued at about $121,000. Finally, Renaissance Technologies LLC purchased a new position in Satellogic in the first quarter valued at about $6,463,000. Hedge funds and other institutional investors 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.