Planet Labs PBC (NYSE:PL – Get Free Report) rose 3.2% during mid-day trading on Tuesday . The stock traded as high as $50.75 and last traded at $48.1390. Approximately 13,527,664 shares traded hands during trading, an increase of 34% from the average daily volume of 10,091,236 shares. The stock had previously closed at $46.6570.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Cantor Fitzgerald raised their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the company a “buy” rating in a research note on Friday, March 27th. Morgan Stanley raised their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Finally, New Street Research assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.61.
Planet Labs PBC Price Performance
Insider Activity
In other news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the sale, the insider owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.
Institutional Trading of Planet Labs PBC
Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 4.3% in the fourth 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 last quarter. Divisadero Street Capital Management LP purchased a new stake in Planet Labs PBC during the third quarter worth about $13,564,000. New York State Common Retirement Fund increased its holdings in Planet Labs PBC by 45.3% during the third quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after buying an additional 63,088 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in Planet Labs PBC by 74.1% during the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after buying an additional 851,937 shares during the last quarter. Finally, Ranger Investment Management L.P. purchased a new stake in Planet Labs PBC during the third quarter worth about $2,688,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.
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.
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