Insider Selling: Planet Labs PBC (NYSE:PL) Insider Sells 64,593 Shares

Key Points

• Planet Labs insider Robert Schingler sold 64,593 shares on July 10 at an average price of $25.92, for total proceeds of about $1.67 million. After the sale, he still held 825,541 shares, a 7.26% reduction in his position.
• The stock was little changed in trading, slipping 0.2% to $26.00, with volume below its daily average. PL remains far below its 52-week high of $51.76, though still above its 52-week low of $5.87.
• Recent fundamentals and analyst sentiment are mixed but improving: Planet Labs beat quarterly EPS estimates and posted 42.1% revenue growth year over year, while Wall Street currently has a consensus rating of “Hold” with a $35.11 price target.

Planet Labs PBC (NYSE:PL - Get Free Report) insider Robert Schingler sold 64,593 shares of the business's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the completion of the transaction, the insider owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Planet Labs PBC Trading Down 0.2%

Shares of NYSE PL traded down $0.05 during mid-day trading on Monday, hitting $26.00. The company had a trading volume of 5,755,625 shares, compared to its average volume of 12,768,710. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76. The business's 50-day simple moving average is $36.15 and its 200 day simple moving average is $30.49.

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

Wall Street Analysts Forecast Growth

PL has been the subject of a number of analyst reports. Needham & Company LLC boosted their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Morgan Stanley boosted their price target on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 25th. Finally, Wedbush started coverage on shares of Planet Labs PBC in a research report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of "Hold" and a consensus price target of $35.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its position in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock worth $151,429,000 after buying an additional 5,851,758 shares during the period. Invesco Ltd. lifted its stake in Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock valued at $44,787,000 after buying an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of Planet Labs PBC by 257.5% in the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company's stock valued at $30,662,000 after acquiring an additional 1,701,535 shares during the period. Tema ETFs LLC boosted its holdings in shares of Planet Labs PBC by 75,804.6% in the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company's stock valued at $52,709,000 after acquiring an additional 1,588,864 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Planet Labs PBC by 10,305.7% during the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after acquiring an additional 1,494,744 shares during the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

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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