Planet Labs PBC (NYSE:PL) Sets New 52-Week High – Should You Buy?

Planet Labs PBC (NYSE:PL)’s stock price reached a new 52-week high on Monday . The company traded as high as $45.78 and last traded at $42.44, with a volume of 1695882 shares. The stock had previously closed at $41.62.

Analysts Set New Price Targets

PL has been the topic of a number of research reports. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Weiss Ratings lowered Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. The Goldman Sachs Group lifted their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. New Street Research assumed coverage on shares of Planet Labs PBC in a research report on Wednesday. They issued a “sell” rating and a $28.00 target price on the stock. Finally, Cantor Fitzgerald lifted their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $30.61.

Planet Labs PBC Stock Down 1.9%

The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The firm has a market capitalization of $14.14 billion, a PE ratio of -52.37 and a beta of 1.91. The business’s 50 day moving average price is $33.64 and its 200-day moving average price is $24.34.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This trade represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 17.53% of the stock is owned by corporate insiders.

Institutional Trading of Planet Labs PBC

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Planet Labs PBC by 671.1% during the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after acquiring an additional 80,672 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Planet Labs PBC during the first quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Planet Labs PBC by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after acquiring an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after acquiring an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in Planet Labs PBC during the second quarter worth about $121,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.