Planet Labs PBC (NYSE:PL – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $45.78 and last traded at $42.44, with a volume of 1695882 shares. The stock had previously closed at $41.62.
Analyst Ratings Changes
A number of equities analysts have issued reports on PL shares. Wedbush lifted their target price on shares of Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday. The Goldman Sachs Group lifted their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Morgan Stanley lifted their price target on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Citigroup lifted their price target 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. Finally, New Street Research assumed coverage on shares of Planet Labs PBC in a report on Wednesday. They set a “sell” rating and a $28.00 price target for the company. Six 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.61.
View Our Latest Stock Report on Planet Labs PBC
Planet Labs PBC Trading Down 1.9%
Insider Buying and Selling at Planet Labs PBC
In related news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction 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 transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.53% of the company’s stock.
Hedge Funds Weigh In On Planet Labs PBC
Several hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in shares of Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after purchasing an additional 80,672 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Planet Labs PBC in the first quarter valued at $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after purchasing an additional 8,143 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after purchasing an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of Planet Labs PBC in the second quarter valued at $121,000. Institutional investors and hedge funds 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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