Why Is Satellogic (SATL) Stock Up Today?


Satellogic (NASDAQ:SATL) stock is getting a boost on Wednesday after announcing a launch agreement with Elon Musk’s SpaceX.

an illuminated earth seen from space simulating satellite interconnectivity representing SATL Stock.

Source: Shutterstock

Satellogic is a geospatial company focused on sub-meter resolution Earth Observation (EO) data collection. Its agreement with SpaceX allows it to launch additional satellites into space to achieve that goal.

According to a press release, SpaceX will handle the launch of an additional 68 Satellogic satellites. It’s worth noting that this multi-launch agreement is for 2023 with Satellogic already having one in place with SpaceX for 2022.

Emiliano Kargieman, co-founder and CEO of Satellogic, said the following in the new release sending SATL stock higher today.

‘Today’s announcement ensures that we will be able to continue to launch our satellites as they are produced and that we remain on track to collect every square meter of the Earth’s surface every week in 2023, providing our customers with the most up-to-date, reliable high-resolution data source on a global scale.”

SATL stock is also seeing heavier trading than normal following the SpaceX news. As of this writing, more than 5 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of only about 82,000 shares.

SATL stock is up 5% Wednesday morning after rallying higher than that in early morning trading.

Investors searching for all the latest stock market news are going to want to keep reading!

We’ve got the hottest stock news that traders need to know about for Wednesday! A few examples include what’s going on with shares of Rail Vision (NASDAQ:RVSN) stock, Livent (NYSE:LTHM) stock, and Match (NASDAQ:MTCH) stock. You can learn all about these matters at the following links!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed

Article printed from InvestorPlace Media, https://investorplace.com/2022/05/why-is-satellogic-satl-stock-up-today/.

©2023 InvestorPlace Media, LLC