Planet Labs PBC (NYSE:PL) Insider Robert Schingler Sells 52,240 Shares of Stock

Key Points

• Insider sale: Robert Schingler sold 52,240 Planet Labs shares at an average price of $16.96, generating $885,990.40. He retains 170,171 shares, representing a 23.49% reduction in his position.
• Operating performance: Planet Labs reported quarterly revenue of $116.05 million, up 58.2% year over year, and EPS of $0.02, beating analyst expectations. However, the company continues to report a negative net margin and analysts expect a full-year loss.
• Market and analyst outlook: The stock rose 6.5% to $17.07 but remains well below its 50-day and 200-day moving averages. Analysts’ consensus rating is “Hold,” with an average price target of $32.77, while institutional investors own 41.71% of the shares.

Planet Labs PBC (NYSE:PL - Get Free Report) insider Robert Schingler sold 52,240 shares of the firm's stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total transaction of $885,990.40. Following the completion of the sale, the insider directly owned 170,171 shares in the company, valued at approximately $2,886,100.16. This trade represents a 23.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Planet Labs PBC Trading Up 6.5%

Shares of Planet Labs PBC stock traded up $1.04 during trading on Thursday, reaching $17.07. 11,156,005 shares of the stock were exchanged, compared to its average volume of 12,169,847. The company has a quick ratio of 2.82, a current ratio of 2.84 and a debt-to-equity ratio of 0.79. The stock's fifty day moving average is $21.43 and its 200 day moving average is $29.67. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of -15.51 and a beta of 2.10. Planet Labs PBC has a 1 year low of $10.22 and a 1 year high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.04. The business had revenue of $116.05 million during 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%.Planet Labs PBC's quarterly revenue was up 58.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) EPS. As a group, equities research analysts expect that Planet Labs PBC will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in Planet Labs PBC by 1.3% during the fourth 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Planet Labs PBC by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company's stock valued at $112,167,000 after purchasing an additional 70,986 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company's stock worth $54,010,000 after purchasing an additional 861,306 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Planet Labs PBC by 5,339.2% in the 2nd quarter. Tidal Investments LLC now owns 1,591,020 shares of the company's stock worth $52,710,000 after purchasing an additional 1,561,769 shares in the last quarter. Finally, Tema ETFs LLC grew its stake in shares of Planet Labs PBC by 75,804.6% in the 2nd quarter. Tema ETFs LLC now owns 1,590,960 shares of the company's stock worth $52,709,000 after buying an additional 1,588,864 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup downgraded shares of Planet Labs PBC from a "market perform" rating to a "hold" rating in a research report on Friday, September 4th. Berenberg Bank started coverage on shares of Planet Labs PBC in a research report on Wednesday, September 2nd. They set a "buy" rating and a $25.00 price target on the stock. Citizens Jmp reissued a "market perform" rating on shares of Planet Labs PBC in a research note on Friday, September 4th. Northland Securities set a $40.00 target price on Planet Labs PBC in a report on Friday, September 4th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.77.

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 imagery of the planet's landmass. The company collects, processes and delivers satellite imagery and related data products through cloud-based platforms and application programming interfaces.

Its offerings include PlanetScope imagery for broad-area monitoring, SkySat imagery for higher-resolution observation, and specialized products that support change detection, mapping and environmental analysis.

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