Satellogic Inc. (SATL) saw its stock price rise by 0.98% to close at $3.10 on December 23, 2024, with a further 1.61% increase in after-hours trading. The stock opened at $3.10, reached a high of $3.25, and a low of $3.07, with trading volume at 581,784 shares, close to its average. The upward movement in SATL's stock price appears to be driven by a significant increase in its borrow rate, which surged by 9.12 percentage points to 453.13%. This spike in borrow rate suggests heightened short-selling activity, potentially leading to a short squeeze as traders cover their positions, thereby pushing the stock price higher.
While there were no direct news events related to Satellogic Inc. on December 23, the broader space industry saw activity with Rocket Lab's successful satellite deployment for Synspective, which might have indirectly influenced investor sentiment in space-related stocks. However, the primary catalyst for SATL's price movement seems to be the increased borrow rate, indicating speculative trading dynamics.