Insider Selling: Planet Labs PBC (NYSE:PL) Director Sells $565,600.00 in Stock

Planet Labs PBC (NYSE:PL) Director Kristen Robinson sold 40,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total value of $565,600.00. Following the sale, the director directly owned 182,897 shares of the company’s stock, valued at approximately $2,586,163.58. This trade represents a 17.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Planet Labs PBC Trading Down 6.8%

Shares of NYSE PL traded down $0.98 during mid-day trading on Friday, hitting $13.55. The stock had a trading volume of 10,470,379 shares, compared to its average volume of 12,040,746. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84. Planet Labs PBC has a 1 year low of $10.52 and a 1 year high of $51.76. The business has a 50 day moving average price of $18.90 and a two-hundred day moving average price of $28.06. The firm has a market cap of $4.93 billion, a P/E ratio of -12.32 and a beta of 2.17.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm’s revenue was up 58.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.07) EPS. On average, equities analysts anticipate that Planet Labs PBC will post -0.63 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of PL. Dimensional Fund Advisors LP grew its holdings in shares of Planet Labs PBC by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company’s stock worth $112,167,000 after acquiring an additional 70,986 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock valued at $54,010,000 after purchasing an additional 861,306 shares during the period. Tidal Investments LLC lifted its stake in shares of Planet Labs PBC by 5,339.2% in the 2nd quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock valued at $52,710,000 after purchasing an additional 1,561,769 shares during the period. Tema ETFs LLC boosted its position in shares of Planet Labs PBC by 75,804.6% during 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 in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Planet Labs PBC by 36.5% during the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after purchasing an additional 273,300 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Friday, September 11th. Barclays began coverage on Planet Labs PBC in a research report on Friday, October 9th. They issued an “equal weight” rating and a $17.00 price objective on the stock. The Goldman Sachs Group raised their price target on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. New Street Research raised Planet Labs PBC from a “sell” rating to a “neutral” rating in a research note on Friday, September 4th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Planet Labs PBC in a report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $30.33.

Planet Labs PBC Company Profile

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent, high-resolution imagery of the planet. Its data is used to monitor changes in land, infrastructure, agriculture, forests, oceans and other environments.

The company’s products include PlanetScope, a satellite imagery service intended to provide frequent coverage of large areas; SkySat, which offers higher-resolution imagery and video capabilities; and other satellite and data products, including hyperspectral imaging initiatives.