Planet Labs PBC (NYSE:PL) Director John Raymond Sells 6,494 Shares of Stock

Key Points

• Director John Raymond sold 6,494 Planet Labs shares at an average price of $15.23, totaling $98,903.62. The sale reduced his position by 17.5%, leaving him with 30,620 shares.
• Planet Labs shares fell to $14.12 during Wednesday trading, well below their 50-day and 200-day moving averages. The stock has traded between $10.52 and $51.76 over the past year.
• The company beat quarterly earnings and revenue expectations, reporting $0.02 EPS and $116.05 million in revenue, up 58.2% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $31.56.

Planet Labs PBC (NYSE:PL - Get Free Report) Director John Raymond sold 6,494 shares of the stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total value of $98,903.62. Following the completion of the sale, the director owned 30,620 shares in the company, valued at approximately $466,342.60. This trade represents a 17.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Planet Labs PBC Stock Performance

PL stock traded down $1.04 during midday trading on Wednesday, reaching $14.12. 10,438,389 shares of the company were exchanged, compared to its average volume of 12,053,729. Planet Labs PBC has a one year low of $10.52 and a one year high of $51.76. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of -12.83 and a beta of 2.17. The business has a 50-day moving average price of $19.23 and a two-hundred day moving average price of $28.30. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.04. The company had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The company's revenue was up 58.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. Equities research analysts forecast that Planet Labs PBC will post -0.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PL. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Thursday, July 2nd. Needham & Company LLC lowered their target price on Planet Labs PBC from $53.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, September 4th. The Goldman Sachs Group increased their target price on Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Citigroup cut Planet Labs PBC from a "market perform" rating to a "hold" rating in a report on Friday, September 4th. Finally, Northland Securities set a $40.00 price target on Planet Labs PBC in a research note on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Planet Labs PBC has an average rating of "Hold" and a consensus target price of $31.56.

Institutional Investors Weigh In On Planet Labs PBC

A number of large investors have recently added to or reduced their stakes in PL. Catalyst Private Wealth LLC bought a new stake in Planet Labs PBC during the third quarter worth about $342,000. Mirador Capital Partners LP raised its position in shares of Planet Labs PBC by 6.2% in the 3rd quarter. Mirador Capital Partners LP now owns 12,910 shares of the company's stock valued at $212,000 after buying an additional 753 shares in the last quarter. Green Alpha Advisors LLC bought a new stake in shares of Planet Labs PBC during the 3rd quarter worth approximately $835,000. Farther Finance Advisors LLC lifted its holdings in shares of Planet Labs PBC by 25.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 10,754 shares of the company's stock worth $176,000 after acquiring an additional 2,148 shares during the period. Finally, First Community Trust NA boosted its position in shares of Planet Labs PBC by 275.7% during the 3rd quarter. First Community Trust NA now owns 22,612 shares of the company's stock worth $371,000 after acquiring an additional 16,594 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

About Planet Labs PBC

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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