Planet Labs PBC (NYSE:PL) Trading 8% Higher – What’s Next?

Shares of Planet Labs PBC (NYSE:PL) rose 8% on Tuesday . The company traded as high as $26.46 and last traded at $26.5610. Approximately 6,824,602 shares traded hands during trading, a decline of 41% from the average daily volume of 11,611,108 shares. The stock had previously closed at $24.60.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Citigroup increased their target price on shares of Planet Labs PBC from $19.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. National Bank Financial set a $12.30 price target on shares of Planet Labs PBC in a report on Tuesday, December 16th. Cantor Fitzgerald restated an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.88.

Planet Labs PBC Stock Performance

The firm has a market cap of $8.31 billion, a PE ratio of -63.03 and a beta of 1.95. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The business has a 50 day simple moving average of $24.71 and a two-hundred day simple moving average of $17.40.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, Director Kristen Robinson sold 47,835 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the completion of the sale, the director directly owned 222,897 shares in the company, valued at approximately $6,009,303.12. This represents a 17.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ashley F. Johnson sold 150,731 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total value of $4,071,244.31. Following the transaction, the chief financial officer directly owned 1,956,101 shares in the company, valued at $52,834,288.01. The trade was a 7.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 292,348 shares of company stock valued at $7,323,958. Company insiders own 17.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust increased its position in Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares during the period. Baillie Gifford & Co. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $32,000. GAMMA Investing LLC increased its holdings in Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after buying an additional 1,195 shares during the period. North Star Investment Management Corp. raised its stake in Planet Labs PBC by 1,111.1% in the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock worth $43,000 after buying an additional 2,000 shares in the last quarter. Finally, MCF Advisors LLC purchased a new stake in Planet Labs PBC during the third quarter worth $32,000. 41.71% of the stock is currently 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.