Planet Labs PBC (NYSE:PL) Sets New 1-Year High – Still a Buy?

Planet Labs PBC (NYSE:PL)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $48.55 and last traded at $48.10, with a volume of 2414775 shares. The stock had previously closed at $44.35.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PL shares. Cantor Fitzgerald lifted their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Citigroup lifted their price target on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Zacks Research downgraded Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Finally, Morgan Stanley increased their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $30.61.

Planet Labs PBC Stock Up 0.3%

The firm has a market cap of $17.52 billion, a PE ratio of -64.91 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The firm’s 50-day moving average price is $36.74 and its two-hundred day moving average price is $26.12.

Insider Activity at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The sale was disclosed in a filing 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 business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.53% of the stock is currently owned by insiders.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in Planet Labs PBC in the 1st quarter valued at $28,000. Oddo BHF Asset Management Sas purchased a new position in shares of Planet Labs PBC in the 1st quarter valued at approximately $5,472,000. Amundi grew its stake in shares of Planet Labs PBC by 30.7% in the 1st quarter. Amundi now owns 20,280 shares of the company’s stock valued at $567,000 after purchasing an additional 4,765 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock valued at $83,000 after purchasing an additional 2,102 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Planet Labs PBC by 22.6% in the 1st quarter. California State Teachers Retirement System now owns 285,952 shares of the company’s stock valued at $7,992,000 after purchasing an additional 52,806 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.