Planet Labs PBC (NYSE:PL) Insider Sells $1,427,681.70 in Stock

Planet Labs PBC (NYSE:PL) insider Robert Schingler sold 73,782 shares of the firm’s stock in a transaction on Friday, December 26th. The stock was sold at an average price of $19.35, for a total transaction of $1,427,681.70. Following the completion of the sale, the insider owned 1,164,729 shares in the company, valued at $22,537,506.15. This represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Planet Labs PBC Stock Performance

Shares of PL traded down $0.10 during trading hours on Tuesday, reaching $19.77. 7,488,222 shares of the company traded hands, compared to its average volume of 8,846,261. The company has a debt-to-equity ratio of 1.28, a quick ratio of 4.00 and a current ratio of 4.00. The stock’s fifty day moving average is $14.08 and its 200 day moving average is $10.44. Planet Labs PBC has a 1-year low of $2.79 and a 1-year high of $20.99. The stock has a market cap of $6.20 billion, a P/E ratio of -47.08 and a beta of 2.00.

Planet Labs PBC (NYSE:PL) last released its earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17). The firm had revenue of $81.25 million for the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.Planet Labs PBC’s revenue was up 32.6% compared to the same quarter last year. Equities research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PL has been the subject of a number of recent research reports. Citizens Jmp cut shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 21st. National Bankshares set a $12.30 price target on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Citigroup started coverage on Planet Labs PBC in a research note on Thursday, December 11th. They issued a “buy” rating and a $19.00 price objective on the stock. Morgan Stanley raised their target price on Planet Labs PBC from $4.50 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Wednesday, October 8th. Eight equities 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.74.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors have recently modified their holdings of the stock. MCF Advisors LLC bought a new position in Planet Labs PBC in the 3rd quarter worth approximately $32,000. Iron Gate Global Advisors LLC acquired a new stake in Planet Labs PBC in the first quarter worth about $36,000. HighTower Advisors LLC bought a new stake in Planet Labs PBC during the 1st quarter worth about $37,000. Larson Financial Group LLC acquired a new position in Planet Labs PBC during the 3rd quarter valued at about $39,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Planet Labs PBC by 59.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock valued at $44,000 after purchasing an additional 1,337 shares during the last quarter. 41.71% of the stock is owned by 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.