Ashley Johnson Sells 75,035 Shares of Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) CFO Ashley Johnson sold 75,035 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the completion of the transaction, the chief financial officer owned 1,132,122 shares of the company’s stock, valued at $24,997,253.76. The trade was a 6.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Planet Labs PBC Price Performance

Shares of NYSE PL traded down $0.80 during trading hours on Tuesday, hitting $20.20. 3,789,794 shares of the stock were exchanged, compared to its average volume of 13,084,295. The company’s fifty day simple moving average is $32.45 and its two-hundred day simple moving average is $30.70. The company has a market cap of $7.20 billion, a PE ratio of -17.79 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC’s quarterly revenue was up 42.1% on a year-over-year basis. On average, sell-side analysts predict that Planet Labs PBC will post -0.92 EPS for the current year.

Wall Street Analyst Weigh In

PL has been the subject of several recent analyst reports. Wedbush initiated coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price objective for the company. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. New Street Research started coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target on the stock. Finally, Craig Hallum upped their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Planet Labs PBC currently has an average rating of “Hold” and an average target price of $35.36.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently added to or reduced their stakes in the business. American Capital Advisory LLC acquired a new position in shares of Planet Labs PBC during the first quarter worth $28,000. Western Wealth Management LLC acquired a new stake in Planet Labs PBC in the first quarter valued at $28,000. Parkside Financial Bank & Trust increased its holdings in Planet Labs PBC by 92.5% in the fourth 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 Planet Labs PBC during the 4th quarter worth $32,000. Finally, Pittenger & Anderson Inc. raised its position in Planet Labs PBC by 40.9% during the 1st 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 last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.