Insider Selling: Planet Labs PBC (NYSE:PL) Director Sells 11,500 Shares of Stock

Planet Labs PBC (NYSE:PL – Get Free Report) Director Ita Brennan sold 11,500 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $16.30, for a total value of $187,450.00. Following the completion of the transaction, the director owned 250,373 shares of the company’s stock, valued at $4,081,079.90. The trade was a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Planet Labs PBC Trading Up 8.5%

PL stock traded up $1.37 during midday trading on Friday, hitting $17.51. 14,918,873 shares of the company’s stock were exchanged, compared to its average volume of 12,089,475. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76. The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $6.37 billion, a PE ratio of -15.92 and a beta of 2.17. The business has a 50-day simple moving average of $19.83 and a two-hundred day simple moving average of $29.01.

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Planet Labs PBC (NYSE:PL – Get Free Report) last announced its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The business had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%.The company’s quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.07) EPS. On average, sell-side analysts predict that Planet Labs PBC will post -0.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PL shares. Citigroup lowered shares of Planet Labs PBC from a “market perform” rating to a “hold” rating in a research note on Friday, September 4th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Friday, September 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $28.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, September 8th. Finally, Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $32.77.

Check Out Our Latest Stock Analysis on Planet Labs PBC

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently bought and sold shares of PL. Calamos Advisors LLC purchased a new position in Planet Labs PBC in the 1st quarter valued at approximately $2,973,000. Principal Financial Group Inc. increased its position in shares of Planet Labs PBC by 103.4% during the first quarter. Principal Financial Group Inc. now owns 565,537 shares of the company’s stock worth $15,807,000 after acquiring an additional 287,544 shares during the period. Quantinno Capital Management LP raised its stake in shares of Planet Labs PBC by 574.7% in the first quarter. Quantinno Capital Management LP now owns 145,751 shares of the company’s stock valued at $4,074,000 after acquiring an additional 124,150 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Planet Labs PBC in the first quarter valued at $5,472,000. Finally, Royal Bank of Canada boosted its holdings in Planet Labs PBC by 66.3% in the first quarter. Royal Bank of Canada now owns 317,565 shares of the company’s stock valued at $8,876,000 after purchasing an additional 126,562 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Company Profile

(Get Free Report)

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent, high-resolution imagery of the planet. Its data is used to monitor changes in land, infrastructure, agriculture, forests, oceans and other environments.

The company’s products include PlanetScope, a satellite imagery service intended to provide frequent coverage of large areas; SkySat, which offers higher-resolution imagery and video capabilities; and other satellite and data products, including hyperspectral imaging initiatives.

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