Planet Labs PBC (NYSE:PL) Trading Up 3.2% – Here’s Why

Planet Labs PBC (NYSE:PL) was up 3.2% on Tuesday . The company traded as high as $50.75 and last traded at $48.1390. Approximately 13,527,664 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 10,091,236 shares. The stock had previously closed at $46.6570.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PL shares. Needham & Company LLC upped their target price on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Zacks Research downgraded shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group increased their price objective 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 increased their price objective 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. Finally, New Street Research started coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Hold” and a consensus target price of $30.61.

Planet Labs PBC Stock Performance

The stock’s 50 day moving average price is $38.62 and its 200 day moving average price is $27.37. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The company has a market capitalization of $14.93 billion, a price-to-earnings ratio of -55.31 and a beta of 1.99.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the period. Canada Pension Plan Investment Board raised its holdings 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 valued at $47,704,000 after purchasing an additional 20,400 shares during the period. Van ECK Associates Corp raised its holdings 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 valued at $151,429,000 after purchasing an additional 5,851,758 shares during the period. Geode Capital Management LLC raised its holdings in shares of Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after purchasing an additional 301,757 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.