Planet Labs PBC (NYSE:PL) Director John Raymond Sells 6,494 Shares of Stock

Planet Labs PBC (NYSE:PL) Director John Raymond sold 6,494 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Planet Labs PBC Stock Performance

Shares of NYSE PL opened at $25.59 on Wednesday. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The firm’s 50-day moving average price is $35.70 and its two-hundred day moving average price is $30.56. Planet Labs PBC has a 52-week low of $5.87 and a 52-week high of $51.76. The stock has a market capitalization of $9.12 billion, a P/E ratio of -22.45 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds have recently modified their holdings of PL. First Community Trust NA raised its stake in shares of Planet Labs PBC by 46.2% in the 2nd quarter. First Community Trust NA now owns 6,018 shares of the company’s stock worth $199,000 after buying an additional 1,903 shares in the last quarter. Tema ETFs LLC boosted its stake in 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 buying an additional 1,588,864 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Planet Labs PBC by 10.5% during the second quarter. Handelsbanken Fonder AB now owns 88,300 shares of the company’s stock worth $2,925,000 after acquiring an additional 8,400 shares during the period. Focus Financial Network Inc. acquired a new position in Planet Labs PBC during the second quarter worth about $219,000. Finally, Valeo Financial Advisors LLC raised its position in Planet Labs PBC by 5.8% in the second quarter. Valeo Financial Advisors LLC now owns 19,017 shares of the company’s stock worth $630,000 after acquiring an additional 1,038 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PL shares. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Craig Hallum lifted their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. New Street Research assumed coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target for the company. Finally, Cantor Fitzgerald upped their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.36.

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.