Insider Selling: Planet Labs PBC (NYSE:PL) Director Sells 6,494 Shares

Key Points

• Director John Raymond sold 6,494 shares of Planet Labs PBC on July 13 at an average price of $26.16, worth about $169,883. After the sale, he still held 37,114 shares, reducing his position by 14.89%.
• Planet Labs shares fell 1.4% to $25.59 in Tuesday trading, with volume below its average. The stock remains well below its 50-day and 200-day moving averages.
• Recent fundamentals and analyst sentiment were mixed but improving: the company beat quarterly EPS and revenue estimates with 42.1% year-over-year revenue growth, while analysts currently rate the stock a consensus Hold with a $35.36 target price.

Planet Labs PBC (NYSE:PL - Get Free Report) Director John Raymond sold 6,494 shares of the firm's stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the sale, the director directly owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Planet Labs PBC Stock Down 1.4%

Shares of PL traded down $0.37 during midday trading on Tuesday, reaching $25.59. The stock had a trading volume of 5,291,109 shares, compared to its average volume of 13,441,515. The company has a market cap of $9.12 billion, a price-to-earnings ratio of -22.45 and a beta of 2.06. The company's fifty day simple moving average is $35.93 and its two-hundred day simple moving average is $30.53. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The company's revenue was up 42.1% on a year-over-year basis. Equities research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 2nd. Cantor Fitzgerald raised their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, March 20th. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research report on Friday, June 5th. Needham & Company LLC boosted their price objective on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Finally, Craig Hallum upped their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $35.36.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company's stock valued at $381,750,000 after buying an additional 806,818 shares during the last quarter. Divisadero Street Capital Management LP purchased a new position in shares of Planet Labs PBC during the third quarter worth about $13,564,000. AMI Asset Management Corp purchased a new position in shares of Planet Labs PBC during the fourth quarter worth about $673,000. Hsbc Holdings PLC acquired a new position in Planet Labs PBC in the 4th quarter valued at about $8,457,000. Finally, Norges Bank acquired a new position in Planet Labs PBC in the 4th quarter valued at about $17,494,000. Hedge funds and other institutional investors 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.

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