Satellogic (NASDAQ:SATL) Shares Down 4.4% – Here’s What Happened

Satellogic Inc. (NASDAQ:SATL) traded down 4.4% on Wednesday. The company traded as low as $3.82 and last traded at $3.7750. 901,005 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 8,303,370 shares. The stock had previously closed at $3.95.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Zacks Research downgraded Satellogic from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Satellogic in a research note on Monday, September 21st. Roth Capital reiterated a “buy” rating on shares of Satellogic in a research report on Thursday, August 6th. Wall Street Zen cut Satellogic from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Satellogic in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Satellogic Trading Down 4.9%

The stock has a fifty day simple moving average of $4.97 and a two-hundred day simple moving average of $5.27. The company has a market cap of $577.29 million, a PE ratio of -4.58 and a beta of 1.37.

Satellogic (NASDAQ:SATL) last issued its earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.10). The firm had revenue of $15.92 million during the quarter, compared to analyst estimates of $9.57 million. As a group, equities research analysts anticipate that Satellogic Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Trueblood Wealth Management LLC purchased a new stake in shares of Satellogic during the 3rd quarter worth approximately $55,000. SBI Securities Co. Ltd. grew its holdings in Satellogic by 23.4% in the third quarter. SBI Securities Co. Ltd. now owns 16,005 shares of the company’s stock valued at $89,000 after purchasing an additional 3,035 shares during the last quarter. Hidden Cove Wealth Management LLC raised its stake in shares of Satellogic by 21.6% during the 3rd quarter. Hidden Cove Wealth Management LLC now owns 38,545 shares of the company’s stock worth $213,000 after buying an additional 6,843 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in shares of Satellogic in the third quarter valued at about $749,000. Finally, Veracity Capital LLC grew its holdings in Satellogic by 4.7% during the 3rd quarter. Veracity Capital LLC now owns 62,348 shares of the company’s stock valued at $345,000 after buying an additional 2,772 shares during the last quarter. 17.58% of the stock is owned by hedge funds and other institutional investors.

About Satellogic

Satellogic Inc is a geospatial intelligence company that designs, manufactures and operates a constellation of Earth observation satellites. Its satellites collect high-resolution, multispectral imagery intended to help customers monitor changes on the planet’s surface, including activity related to agriculture, infrastructure, natural resources, climate and national security.

The company provides access to satellite imagery, analytics and related data products through its platform. Satellogic also offers satellite-as-a-service and sovereign constellation solutions, allowing government and commercial customers to obtain dedicated Earth observation capabilities and build applications based on frequently updated geospatial data.

Founded in 2010 by Emiliano Kargieman, Satellogic is headquartered in Montevideo, Uruguay, and serves customers in multiple international markets.