Planet Labs PBC (NYSE:PL) Trading 8% Higher – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price rose 8% during mid-day trading on Tuesday . The stock traded as high as $26.46 and last traded at $26.5610. Approximately 6,824,602 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 11,611,108 shares. The stock had previously closed at $24.60.

Analyst Ratings Changes

Several brokerages have commented on PL. Morgan Stanley boosted their target price on shares of Planet Labs PBC from $20.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 13th. Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Craig Hallum reissued a “buy” rating and set a $30.00 price objective on shares of Planet Labs PBC in a report on Tuesday, January 13th. Citigroup upped their target price on shares of Planet Labs PBC from $19.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Needham & Company LLC increased their target price on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Planet Labs PBC has an average rating of “Hold” and an average price target of $21.88.

Planet Labs PBC Price Performance

The company has a market cap of $8.29 billion, a price-to-earnings ratio of -62.37 and a beta of 1.95. The company has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $17.59. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of Planet Labs PBC stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the completion of the transaction, the chief financial officer owned 1,956,101 shares in the company, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vijaya Gadde sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director directly owned 250,169 shares in the company, valued at $6,697,024.13. This trade represents a 7.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 292,348 shares of company stock valued at $7,323,958 in the last quarter. Insiders own 17.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wellington Shields & Co. LLC grew its holdings in Planet Labs PBC by 2.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock valued at $311,000 after buying an additional 435 shares during the last quarter. Xponance LLC raised its holdings in shares of Planet Labs PBC by 3.1% in the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after acquiring an additional 555 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after acquiring an additional 657 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Planet Labs PBC by 2.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock valued at $653,000 after acquiring an additional 690 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after acquiring an additional 745 shares during the last quarter. 41.71% of the stock is currently 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.