Planet Labs PBC (NYSE:PL – Get Free Report)’s stock price was down 2.4% during mid-day trading on Monday . The stock traded as low as $30.11 and last traded at $30.3990. Approximately 14,793,685 shares changed hands during trading, an increase of 10% from the average daily volume of 13,474,134 shares. The stock had previously closed at $31.15.
Analyst Ratings Changes
Several research analysts have recently issued reports on PL shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a report on Monday. Citigroup boosted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research note on Friday, June 5th. The Goldman Sachs Group reissued a “neutral” rating and issued a $22.00 target price on shares of Planet Labs PBC in a research note on Thursday. Finally, Weiss Ratings cut shares of Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.11.
Check Out Our Latest Analysis on Planet Labs PBC
Planet Labs PBC Price Performance
Planet Labs PBC (NYSE:PL – Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. The firm’s quarterly revenue was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Planet Labs PBC will post -0.81 earnings per share for the current fiscal year.
Insider Activity at Planet Labs PBC
In related news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly 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 filing with the SEC, which is available at the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.
Institutional Investors Weigh In On Planet Labs PBC
Large investors have recently bought and sold shares of the company. American Capital Advisory LLC bought a new stake in Planet Labs PBC in the first quarter valued at approximately $28,000. Western Wealth Management LLC bought a new stake in Planet Labs PBC in the first quarter valued at approximately $28,000. Pittenger & Anderson Inc. increased its stake in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after purchasing an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Planet Labs PBC in the first quarter valued at approximately $41,000. Finally, Parkside Financial Bank & Trust increased its stake in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares in the last quarter. 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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