Planet Labs PBC (NYSE:PL) Trading 6.3% Higher – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) shot up 6.3% during trading on Friday . The stock traded as high as $27.38 and last traded at $27.7140. 8,286,861 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 14,819,594 shares. The stock had previously closed at $26.06.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. National Bankshares set a $12.30 target price on shares of Planet Labs PBC in a report on Tuesday, December 16th. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Thursday. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.64.

Planet Labs PBC Stock Performance

The stock has a market capitalization of $8.47 billion, a PE ratio of -64.33 and a beta of 1.94. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a fifty day moving average of $18.45 and a 200-day moving average of $12.86.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,782 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $19.35, for a total transaction of $1,427,681.70. Following the completion of the transaction, the insider owned 1,164,729 shares in the company, valued at $22,537,506.15. The trade was a 5.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer owned 1,956,101 shares in the company, valued at $52,834,288.01. The trade was a 7.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 292,348 shares of company stock valued at $7,323,958. Corporate insiders own 17.53% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Planet Labs PBC by 9.7% in the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock valued at $240,801,000 after buying an additional 1,637,880 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after acquiring an additional 20,400 shares during the last quarter. Barclays PLC raised its position in shares of Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after acquiring an additional 3,293,333 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Planet Labs PBC by 51.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock worth $48,103,000 after acquiring an additional 1,252,782 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after purchasing an additional 2,506,595 shares during the last quarter. 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.