Satellogic (NASDAQ: SATL) has seen a significant surge in its stock price, gaining approximately 260% since November 2024. However from 2021 to present, among globally publicly traded satellite optical imagery providers, Satellogic has exhibited the lowest net dollar revenue growth. And over the past six months, even as Satellogic’s stock price has surged, revenue has remained stagnant, substantial losses continue, and Satellogic’s satellite constellation continues shrinking.
Satellogic executives have leveraged this opportunity of high stock prices to sell shares. Satellogic CFO Rick Dunn offloaded approximately 49% of his personal SATL stock holdings earlier this month. According to an SEC Form 4, on May 16th, he sold 72,712 shares at $4.63 per share, netting approximately $336,000. The following week he sold an additional 58,311 shares at $4.13 a share, netting $240,000 more. Dunn now holds 135,538 shares, worth approximately $495,000 at the time of this writing.
Satellogic President Tirman Matthew also sold shares this month. On May 16th, he sold 22,860 shares out of his then-held total of 124,101 (18%) at $4.16 per share, netting $95,000. On May 20th, he exercised options buying 3,518 shares of SATL stock at $1.2656. Even though he acquired the shares below-market, he is not holding. The same day, he sold these 3,518 shares at $3.97. The profit realized from this transaction was approximately $9,500.
No new institutional investors have onboarded million-dollar long positions in Satellogic stock. (UBS Group has come close, buying 239,350 shares since the end of Q3 2025.) Thus Satellogic’s stock run-up since November appears fueled by retail investors.
At the time of this writing, Satellogic stock currently trades at approximately $3.65 per share. Satellogic’s market cap remains greater than its competitor Blacksky (NYSE: BKSY) but with eight times less revenue.