Robert Schingler Sells 52,240 Shares of Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) insider Robert Schingler sold 52,240 shares of Planet Labs PBC stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the transaction, the insider directly owned 170,171 shares of the company’s stock, valued at approximately $2,886,100.16. This represents a 23.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Planet Labs PBC Stock Up 6.5%

Planet Labs PBC stock traded up $1.04 during mid-day trading on Thursday, reaching $17.07. The stock had a trading volume of 11,156,005 shares, compared to its average volume of 12,169,847. Planet Labs PBC has a one year low of $10.22 and a one year high of $51.76. The company has a 50-day moving average price of $21.43 and a two-hundred day moving average price of $29.67. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of -15.51 and a beta of 2.10. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82.

Planet Labs PBC (NYSE:PL) last issued its 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 business had revenue of $116.05 million during the quarter, compared to analysts’ expectations of $104.53 million. During the same period in the previous year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 58.2% compared to the same quarter last year. On average, analysts expect that Planet Labs PBC will post -0.91 EPS for the current fiscal year.

Analyst Ratings Changes

PL has been the topic of several research reports. Craig Hallum set a $35.00 target price on shares of Planet Labs PBC in a report on Friday, September 4th. Wedbush assumed coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 target price on the stock. Needham & Company LLC cut their price target on Planet Labs PBC from $53.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 4th. The Goldman Sachs Group raised their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, Citigroup lowered shares of Planet Labs PBC from a “market perform” rating to a “hold” rating in a research report on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Hold” and an average target price of $32.77.

Institutional Inflows and Outflows

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

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.