Planet Labs PBC (NYSE:PL – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $48.55 and last traded at $48.10, with a volume of 2414775 shares. The stock had previously closed at $44.35.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on PL shares. New Street Research started coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $38.00 price target on Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Cantor Fitzgerald boosted their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Needham & Company LLC boosted their price objective on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.61.
Check Out Our Latest Stock Analysis on PL
Planet Labs PBC Trading Up 14.1%
Insiders Place Their Bets
In related news, insider Robert H. Schingler sold 73,683 shares of the 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 completion of the sale, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.53% of the stock is owned by corporate insiders.
Institutional Trading of Planet Labs PBC
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after acquiring an additional 806,818 shares during the period. Canada Pension Plan Investment Board lifted its position in Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after acquiring an additional 20,400 shares during the period. Van ECK Associates Corp lifted its position in Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after acquiring an additional 5,851,758 shares during the period. Geode Capital Management LLC lifted its position in Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after acquiring an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Planet Labs PBC by 7.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after acquiring an additional 301,757 shares during the period. 41.71% of the stock is 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.
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