Planet Labs PBC (NYSE:PL) Shares Gap Down – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares gapped down prior to trading on Friday . The stock had previously closed at $51.40, but opened at $49.13. Planet Labs PBC shares last traded at $46.3510, with a volume of 3,233,607 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup lifted their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Morgan Stanley lifted their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Wedbush lifted their price objective on Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Finally, Needham & Company LLC lifted their price objective on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $30.61.

Planet Labs PBC Stock Performance

The company has a market cap of $16.45 billion, a PE ratio of -60.85 and a beta of 1.91. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The business has a fifty day moving average of $37.23 and a 200-day moving average of $26.39.

Insider Transactions at Planet Labs PBC

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

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of PL. Van ECK Associates Corp lifted its holdings in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares during the period. Barclays PLC grew its holdings in shares of Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after acquiring an additional 3,293,333 shares during the period. Invesco Ltd. grew its holdings in shares of Planet Labs PBC by 265.6% during 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. Two Sigma Investments LP grew its holdings in shares of Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after acquiring an additional 1,701,535 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Planet Labs PBC by 9.7% during the 3rd 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.

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.