Planet Labs PBC (NYSE:PL) CFO Ashley Johnson Sells 75,035 Shares of Stock

Planet Labs PBC (NYSE:PL) CFO Ashley Johnson sold 75,035 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total value of $1,656,772.80. Following the completion of the sale, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at $24,997,253.76. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Planet Labs PBC Trading Down 2.8%

Shares of Planet Labs PBC stock opened at $20.42 on Wednesday. Planet Labs PBC has a 1 year low of $5.87 and a 1 year high of $51.76. The company’s fifty day simple moving average is $32.03 and its 200-day simple moving average is $30.68. The company has a market cap of $7.28 billion, a price-to-earnings ratio of -17.91 and a beta of 2.06. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate 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 firm’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after buying an additional 20,400 shares during the period. Van ECK Associates Corp boosted its stake in Planet Labs PBC by 320.3% in the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC boosted its stake in Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after buying an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Planet Labs PBC by 7.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after acquiring an additional 301,757 shares during the period. Institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Craig Hallum lifted their target price on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Weiss Ratings raised 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 price objective on Planet Labs PBC in a research report on Friday, June 5th. Wedbush began coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.36.

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.