Planet Labs PBC (NYSE:PL) Director Sells 40,000 Shares of Stock

Planet Labs PBC (NYSE:PL) Director Kristen Robinson sold 40,000 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total value of $565,600.00. Following the transaction, the director directly owned 182,897 shares of the company’s stock, valued at $2,586,163.58. This represents a 17.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Planet Labs PBC Stock Down 6.8%

Shares of PL stock traded down $0.98 during mid-day trading on Friday, reaching $13.55. 10,470,379 shares of the company’s stock traded hands, compared to its average volume of 12,040,746. Planet Labs PBC has a 12 month low of $10.52 and a 12 month high of $51.76. The company has a market cap of $4.93 billion, a P/E ratio of -12.32 and a beta of 2.17. 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 company’s 50-day moving average price is $18.90 and its 200-day moving average price is $28.06.

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

Analyst Upgrades and Downgrades

PL has been the subject of several recent research reports. Morgan Stanley set a $19.00 target price on shares of Planet Labs PBC in a report on Friday. Northland Securities set a $40.00 price target on Planet Labs PBC in a research note on Friday, September 4th. Berenberg Bank began coverage on Planet Labs PBC in a research report on Wednesday, September 2nd. They set a “buy” rating and a $25.00 price objective for the company. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Finally, Craig Hallum set a $35.00 price objective on Planet Labs PBC in a research note on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vontobel Holding Ltd. grew its holdings in shares of Planet Labs PBC by 111.1% during the third quarter. Vontobel Holding Ltd. now owns 82,405 shares of the company’s stock valued at $1,351,000 after buying an additional 43,374 shares during the last quarter. Fortitude Family Office LLC raised its holdings in Planet Labs PBC by 3,035.0% in the 3rd quarter. Fortitude Family Office LLC now owns 2,508 shares of the company’s stock worth $41,000 after acquiring an additional 2,428 shares during the last quarter. Catalyst Private Wealth LLC purchased a new position in Planet Labs PBC in the 3rd quarter worth approximately $342,000. Mirador Capital Partners LP raised its holdings in Planet Labs PBC by 6.2% in the 3rd quarter. Mirador Capital Partners LP now owns 12,910 shares of the company’s stock worth $212,000 after acquiring an additional 753 shares during the last quarter. Finally, Green Alpha Advisors LLC bought a new position in Planet Labs PBC in the 3rd quarter valued at approximately $835,000. 41.71% of the stock is owned by hedge funds and other 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.