Planet Labs PBC (NYSE:PL) Director Sells $169,883.04 in Stock

Planet Labs PBC (NYSE:PL) Director John Raymond sold 6,494 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the sale, the director owned 37,114 shares of the company’s stock, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Planet Labs PBC Trading Down 11.5%

Shares of PL opened at $22.04 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. Planet Labs PBC has a 52-week low of $5.87 and a 52-week high of $51.76. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of -19.33 and a beta of 2.06. The business’s fifty day moving average is $35.14 and its 200-day moving average is $30.62.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $90.39 million. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. Equities analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PL. Citigroup increased their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Cantor Fitzgerald upped their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Wedbush assumed coverage on Planet Labs PBC in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target for the company. Northland Securities set a $50.00 price objective on Planet Labs PBC in a report on Friday, June 5th. Finally, The Goldman Sachs Group boosted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.36.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in PL. Van ECK Associates Corp raised its stake in shares of Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after acquiring an additional 5,851,758 shares during the last quarter. Invesco Ltd. grew its stake in shares of Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after purchasing an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Planet Labs PBC by 257.5% in the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after purchasing an additional 1,701,535 shares during the last quarter. Tema ETFs LLC increased its holdings in Planet Labs PBC by 75,804.6% in the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock valued at $52,709,000 after purchasing an additional 1,588,864 shares during the period. Finally, Marshall Wace LLP increased its holdings in Planet Labs PBC by 10,305.7% in the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after purchasing an additional 1,494,744 shares during the period. 41.71% of the stock is owned by institutional investors.

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.