Vijaya Gadde Sells 20,000 Shares of Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) Director Vijaya Gadde sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total value of $535,400.00. Following the transaction, the director directly owned 250,169 shares of the company’s stock, valued at $6,697,024.13. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Planet Labs PBC Stock Performance

PL stock traded up $0.96 during mid-day trading on Friday, reaching $27.02. The company had a trading volume of 14,816,450 shares, compared to its average volume of 15,313,716. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. Planet Labs PBC has a one year low of $2.79 and a one year high of $30.90. The stock’s 50-day simple moving average is $18.14 and its two-hundred day simple moving average is $12.68. The stock has a market capitalization of $8.47 billion, a P/E ratio of -64.33 and a beta of 1.94.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in 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 buying an additional 1,637,880 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after acquiring an additional 20,400 shares during the period. Barclays PLC lifted its position in shares of Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after acquiring an additional 3,293,333 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Planet Labs PBC by 51.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock worth $48,103,000 after purchasing an additional 1,252,782 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PL. Craig Hallum reiterated a “buy” rating and issued a $30.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Monday, December 22nd. Needham & Company LLC raised their price objective on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.40 price target on shares of Planet Labs PBC in a research note on Tuesday. Finally, JMP Securities reissued a “market perform” rating on shares of Planet Labs PBC in a research note on Tuesday, October 21st. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.64.

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.