Planet Labs PBC (NYSE:PL) CFO Sells $1,656,772.80 in Stock

Planet Labs PBC (NYSE:PL) CFO Ashley Johnson sold 75,035 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total value of $1,656,772.80. Following the completion of the sale, the chief financial officer owned 1,132,122 shares of the company’s stock, valued at $24,997,253.76. The trade was a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Planet Labs PBC Trading Up 3.9%

PL opened at $20.24 on Friday. The stock’s fifty day moving average is $31.12 and its two-hundred day moving average is $30.64. The company has a market capitalization of $7.21 billion, a P/E ratio of -17.75 and a beta of 2.06. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. Analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently added to or reduced their stakes in PL. Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after buying an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after buying an additional 20,400 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Planet Labs PBC by 320.3% in the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after acquiring an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Planet Labs PBC by 7.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after acquiring an additional 301,757 shares in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PL shares. Weiss Ratings raised shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Craig Hallum boosted their price target on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research note on Monday, June 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Hold” and an average target price of $35.36.

Planet Labs PBC Company Profile

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.