Insider Selling: Planet Labs PBC (NYSE:PL) CFO Sells 55,663 Shares

Planet Labs PBC (NYSE:PL) CFO Ashley Johnson sold 55,663 shares of Planet Labs PBC stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $944,044.48. Following the completion of the sale, the chief financial officer directly owned 577,915 shares in the company, valued at $9,801,438.40. This represents a 8.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Planet Labs PBC Stock Up 6.5%

Shares of PL stock traded up $1.04 on Thursday, hitting $17.07. 11,156,005 shares of the stock were exchanged, compared to its average volume of 12,169,847. The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $6.21 billion, a P/E ratio of -15.51 and a beta of 2.10. Planet Labs PBC has a fifty-two week low of $10.22 and a fifty-two week high of $51.76. The business has a 50-day moving average of $21.43 and a 200 day moving average of $29.67.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%.The firm had revenue of $116.05 million for the quarter, compared to analysts’ expectations of $104.53 million. During the same quarter in the previous year, the business posted ($0.07) EPS. The business’s quarterly revenue was up 58.2% compared to the same quarter last year. Equities analysts anticipate that Planet Labs PBC will post -0.91 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in Planet Labs PBC by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after purchasing an additional 71,381 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Planet Labs PBC by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company’s stock worth $112,167,000 after buying an additional 70,986 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Planet Labs PBC by 80.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after buying an additional 861,306 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Planet Labs PBC by 5,339.2% during the 2nd quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock worth $52,710,000 after buying an additional 1,561,769 shares during the period. Finally, Tema ETFs LLC boosted its holdings in shares of Planet Labs PBC by 75,804.6% during the 2nd quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock worth $52,709,000 after buying an additional 1,588,864 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on PL. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, September 8th. New Street Research raised Planet Labs PBC from a “sell” rating to a “neutral” rating in a research report on Friday, September 4th. Wedbush initiated coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $32.77.

Planet Labs PBC Company Profile

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent imagery of the planet’s landmass. The company collects, processes and delivers satellite imagery and related data products through cloud-based platforms and application programming interfaces.

Its offerings include PlanetScope imagery for broad-area monitoring, SkySat imagery for higher-resolution observation, and specialized products that support change detection, mapping and environmental analysis.