Key Points
- Planet Labs director John Raymond sold 6,494 shares on July 13 for about $169,883, trimming his ownership by 14.89% to 37,114 shares.
- The stock was down 1.4% and opened at $25.59, even though the company reported stronger-than-expected quarterly results in June, including revenue growth of 42.1% year over year.
- Wall Street remains mixed on Planet Labs, with a consensus Hold rating and an average price target of $35.36, while institutional investors continue to hold a significant stake in the company.
Planet Labs PBC (NYSE:PL - Get Free Report) Director John Raymond sold 6,494 shares of the business's stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the sale, the director owned 37,114 shares in the company, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Planet Labs PBC Stock Down 1.4%
PL stock opened at $25.59 on Wednesday. The firm has a market cap of $9.12 billion, a PE ratio of -22.45 and a beta of 2.06. Planet Labs PBC has a 12 month low of $5.87 and a 12 month high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a 50 day simple moving average of $35.70 and a 200 day simple moving average of $30.56.
Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business's revenue for the quarter was up 42.1% on a year-over-year basis. Equities research analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on PL. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Northland Securities set a $50.00 target price on Planet Labs PBC in a report on Friday, June 5th. Citigroup increased their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Needham & Company LLC lifted their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $36.00 price objective on shares of Planet Labs PBC in a report on Monday, June 15th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of "Hold" and an average price target of $35.36.
Check Out Our Latest Report on PL
Hedge Funds Weigh In On Planet Labs PBC
Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in Planet Labs PBC by 671.1% during the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company's stock valued at $313,000 after purchasing an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Planet Labs PBC in the 1st quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Planet Labs PBC by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company's stock worth $442,000 after purchasing an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after purchasing an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Planet Labs PBC during the 2nd quarter valued at about $121,000. 41.71% of the stock is owned by institutional investors and hedge funds.
About Planet Labs PBC
(
Get Free Report)
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.
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