Planet Labs PBC (NYSE:PL) CFO Sells 75,035 Shares

Key Points

• Planet Labs CFO Ashley Johnson sold 75,035 shares at an average price of $22.08, generating approximately $1.66 million. The sale reduced her ownership by 6.22% to 1.13 million shares.
• PL shares traded at $20.20, well below their 50-day and 200-day moving averages of $32.45 and $30.70, respectively. The stock has ranged from $5.87 to $51.76 over the past year.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year, and posted an adjusted loss of $0.03 per share that beat estimates. Analysts have a consensus “Hold” rating and an average price target of $35.36.

Planet Labs PBC (NYSE:PL - Get Free Report) CFO Ashley Johnson sold 75,035 shares of the firm's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the completion of the sale, the chief financial officer owned 1,132,122 shares of the company's stock, valued at $24,997,253.76. This trade represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Planet Labs PBC Stock Performance

Planet Labs PBC stock traded down $0.80 during midday trading on Tuesday, reaching $20.20. 3,789,794 shares of the company's stock were exchanged, compared to its average volume of 13,084,295. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The stock's 50-day simple moving average is $32.45 and its 200 day simple moving average is $30.70. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of -17.79 and a beta of 2.06. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings data 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 company had revenue of $94.15 million during the quarter, compared to analysts' expectations of $90.39 million. Planet Labs PBC's revenue was up 42.1% on a year-over-year basis. On average, analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently made changes to their positions in the stock. American Capital Advisory LLC bought a new position in Planet Labs PBC during the 1st quarter worth $28,000. Western Wealth Management LLC bought a new stake in shares of Planet Labs PBC during the 1st quarter valued at $28,000. Pittenger & Anderson Inc. increased its position in shares of Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock worth $38,000 after purchasing an additional 395 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in Planet Labs PBC in the first quarter valued at about $41,000. Finally, Parkside Financial Bank & Trust raised its stake in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock valued at $31,000 after purchasing an additional 745 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PL. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Wedbush started coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an "outperform" rating and a $50.00 price objective for the company. 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. Craig Hallum lifted their price target on Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Planet Labs PBC currently has a consensus rating of "Hold" and an average price target of $35.36.

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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