Planet Labs PBC (NYSE:PL) Stock Price Up 6.3% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares were up 6.3% during mid-day trading on Friday . The company traded as high as $27.38 and last traded at $27.7140. Approximately 8,286,861 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 14,819,594 shares. The stock had previously closed at $26.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JMP Securities reiterated a “market perform” rating on shares of Planet Labs PBC in a research note on Tuesday, October 21st. National Bankshares set a $12.30 price target on Planet Labs PBC in a research report on Tuesday, December 16th. Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Monday, December 22nd. Needham & Company LLC raised their price target on Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Citizens Jmp lowered Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.64.

Planet Labs PBC Stock Up 2.3%

The firm has a 50 day moving average of $18.14 and a two-hundred day moving average of $12.68. The stock has a market capitalization of $8.36 billion, a PE ratio of -63.38 and a beta of 1.94. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28.

Insider Activity

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,782 shares of Planet Labs PBC stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $19.35, for a total transaction of $1,427,681.70. Following the completion of the transaction, the insider owned 1,164,729 shares in the company, valued at approximately $22,537,506.15. The trade was a 5.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ashley F. Johnson sold 150,731 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the completion of the sale, the chief financial officer directly owned 1,956,101 shares in the company, valued at $52,834,288.01. This trade represents a 7.15% decrease in their position. The SEC filing for this sale provides additional information. 17.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PL. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Planet Labs PBC in the 2nd quarter worth about $1,947,000. LBP AM SA lifted its holdings in shares of Planet Labs PBC by 17.0% during the 2nd quarter. LBP AM SA now owns 934,158 shares of the company’s stock worth $5,698,000 after acquiring an additional 135,680 shares during the period. Conestoga Capital Advisors LLC boosted its position in shares of Planet Labs PBC by 13.1% in the second quarter. Conestoga Capital Advisors LLC now owns 427,365 shares of the company’s stock worth $2,607,000 after acquiring an additional 49,615 shares during the last quarter. Rice Hall James & Associates LLC purchased a new stake in Planet Labs PBC in the third quarter valued at approximately $4,392,000. Finally, Eleva Capital SAS purchased a new stake in Planet Labs PBC in the second quarter valued at approximately $787,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

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.