Satellogic (NASDAQ:SATL) Shares Down 7% Following Insider Selling

Satellogic Inc. (NASDAQ:SATL)’s share price dropped 7% during mid-day trading on Monday following insider selling activity. The stock traded as low as $4.03 and last traded at $4.28. Approximately 5,384,254 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 13,967,115 shares. The stock had previously closed at $4.60.

Specifically, major shareholder Fitzgerald L. P. Cantor sold 129,971 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $5.56, for a total transaction of $722,638.76. Following the transaction, the insider directly owned 13,250,902 shares in the company, valued at approximately $73,675,015.12. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Fitzgerald L. P. Cantor sold 5,575 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $5.55, for a total transaction of $30,941.25. Following the completion of the sale, the insider directly owned 12,856,500 shares of the company’s stock, valued at approximately $71,353,575. This represents a 0.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In related news, major shareholder Fitzgerald L. P. Cantor sold 388,827 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $5.63, for a total value of $2,189,096.01. Following the completion of the transaction, the insider owned 12,862,075 shares in the company, valued at $72,413,482.25. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SATL shares. Craig Hallum assumed coverage on Satellogic in a research report on Wednesday, January 21st. They issued a “buy” rating and a $5.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Satellogic in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $5.00.

Satellogic Trading Down 20.0%

The stock has a 50 day moving average price of $2.69 and a two-hundred day moving average price of $2.92. The company has a market cap of $498.53 million, a price-to-earnings ratio of -15.33 and a beta of 1.38.

Satellogic (NASDAQ:SATL) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.02) EPS for the quarter. The company had revenue of $3.63 million during the quarter.

Hedge Funds Weigh In On Satellogic

Several institutional investors have recently modified their holdings of SATL. Ameritas Investment Partners Inc. acquired a new stake in shares of Satellogic in the 2nd quarter valued at approximately $25,000. Legal & General Group Plc acquired a new position in Satellogic during the second quarter valued at approximately $27,000. Farther Finance Advisors LLC bought a new stake in Satellogic in the third quarter valued at approximately $26,000. LMR Partners LLP acquired a new stake in Satellogic in the second quarter worth $30,000. Finally, Squarepoint Ops LLC acquired a new stake in Satellogic in the third quarter worth $33,000. 17.58% of the stock is currently owned by institutional investors and hedge funds.

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.