Insider Selling: Planet Labs PBC (NYSE:PL) CFO Sells 150,731 Shares of Stock
by Danessa Lincoln · The Markets DailyPlanet Labs PBC (NYSE:PL – Get Free Report) CFO Ashley Johnson sold 150,731 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the transaction, the chief financial officer owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Planet Labs PBC Stock Down 1.3%
Planet Labs PBC stock traded down $0.34 during midday trading on Thursday, reaching $26.04. The company’s stock had a trading volume of 14,552,274 shares, compared to its average volume of 11,670,160. The company has a market cap of $8.17 billion, a P/E ratio of -62.00 and a beta of 1.94. 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 $18.14 and a 200-day simple moving average of $12.68. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $30.90.
Planet Labs PBC (NYSE:PL – Get Free Report) last released its quarterly earnings data on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17). Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The business had revenue of $81.25 million during the quarter, compared to analysts’ expectations of $72.02 million. The company’s quarterly revenue was up 32.6% on a year-over-year basis. On average, research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC increased its holdings in shares of Planet Labs PBC by 758.1% in the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after purchasing an additional 3,293,333 shares during the period. Invesco Ltd. lifted its stake in shares of Planet Labs PBC by 265.6% in the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after acquiring an additional 2,506,595 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Planet Labs PBC by 245.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after acquiring an additional 1,743,474 shares during the period. Two Sigma Investments LP boosted its holdings in shares of Planet Labs PBC by 257.5% in the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after acquiring an additional 1,701,535 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Planet Labs PBC by 9.7% during the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after acquiring an additional 1,637,880 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on PL. Deutsche Bank Aktiengesellschaft upped their target price on shares of Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a report on Wednesday, October 8th. Needham & Company LLC lifted their target price on Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Wedbush upped their target price on Planet Labs PBC from $20.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.64.
Read Our Latest Stock Analysis on Planet Labs PBC
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.