Planet Labs PBC (NYSE:PL) Hits New 52-Week High – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $42.80 and last traded at $42.2520, with a volume of 4785608 shares trading hands. The stock had previously closed at $39.04.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PL. Craig Hallum reissued a “buy” rating and set a $30.00 target price on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Northland Securities set a $28.00 target price on Planet Labs PBC in a research note on Tuesday, January 13th. Citigroup boosted their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft set a $38.00 price target on Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $29.94.

Planet Labs PBC Stock Performance

The business has a fifty day simple moving average of $31.74 and a 200-day simple moving average of $23.16. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The firm has a market cap of $14.48 billion, a P/E ratio of -53.63 and a beta of 1.91.

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 17.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently modified their holdings of the stock. American Capital Advisory LLC purchased a new stake in shares of Planet Labs PBC in the first quarter worth $28,000. Parkside Financial Bank & Trust grew its stake in shares of Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after acquiring an additional 745 shares during the last quarter. MCF Advisors LLC purchased a new stake in shares of Planet Labs PBC in the third quarter worth $32,000. Baillie Gifford & Co. purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth $32,000. Finally, Pittenger & Anderson Inc. grew its stake in shares of Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after acquiring an additional 395 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.