Why Satellogic Stock Soared 24% Today
Here at The Motley Fool, I write a lot about space stocks. One space stock I have not written much about is Uruguay-based Satellogic (NASDAQ: SATL), which is halfway to completing a 90-satellite constellation for use providing high-resolution satellite photography to customers down on Earth.
But it's hard not to notice Satellogic stock today, as it shoots up 23.5% through 12:05 p.m. ET on a new contract announcement.
This morning Satellogic announced it is tripling the amount of satellite data it provides to satellite data analytics company SynMax, for use by hedge funds and financial analysts who track oil and gas production around the world. In its press release, Satellogic notes it will be providing data on activity at more than 100 wellheads across North America. SynMax will then use artificial intelligence to process this data for insights to help analysts better estimate oil and gas production levels at these sites -- to better predict global oil supplies and pricing data.
Source Fool.com
