Planet Labs PBC (NYSE:PL) Director Sells $98,903.62 in Stock

Planet Labs PBC (NYSE:PL) Director John Raymond sold 6,494 shares of the company’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total transaction of $98,903.62. Following the sale, the director owned 30,620 shares of the company’s stock, valued at $466,342.60. This represents a 17.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Planet Labs PBC Trading Down 6.8%

Shares of Planet Labs PBC stock traded down $0.98 during trading on Friday, reaching $13.55. 10,470,379 shares of the stock were exchanged, compared to its average volume of 10,969,422. Planet Labs PBC has a 1 year low of $10.52 and a 1 year high of $51.76. The company has a quick ratio of 2.82, a current ratio of 2.84 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average is $18.69 and its 200 day moving average is $27.96. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -12.32 and a beta of 2.17.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%. The business’s quarterly revenue was up 58.2% compared to the same quarter last year. During the same period last year, the company earned ($0.07) EPS. As a group, equities research analysts expect that Planet Labs PBC will post -0.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PL shares. Berenberg Bank began coverage on shares of Planet Labs PBC in a report on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 price objective on the stock. The Goldman Sachs Group boosted their target price on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Citigroup downgraded Planet Labs PBC from a “market perform” rating to a “hold” rating in a research note on Friday, September 4th. Barclays assumed coverage on shares of Planet Labs PBC in a research report on Friday, October 9th. They set an “equal weight” rating and a $17.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $28.00 price target on shares of Planet Labs PBC in a research report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus target price of $30.33.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently added to or reduced their stakes in the stock. American Capital Advisory LLC purchased a new position in shares of Planet Labs PBC in the 1st quarter worth approximately $28,000. Western Wealth Management LLC bought a new position in Planet Labs PBC in the 1st quarter valued at $28,000. Pittenger & Anderson Inc. increased its stake in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after purchasing an additional 395 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in Planet Labs PBC in the first quarter worth $41,000. Finally, Fortitude Family Office LLC increased its stake in Planet Labs PBC by 3,035.0% in the third quarter. Fortitude Family Office LLC now owns 2,508 shares of the company’s stock worth $41,000 after purchasing an additional 2,428 shares during the period. 41.71% of the stock is owned by institutional investors.

About Planet Labs PBC

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.