Planet Labs PBC (NYSE:PL) Shares Down 4% – Time to Sell?

Planet Labs PBC (NYSE:PL) shares were down 4% during trading on Wednesday . The company traded as low as $26.78 and last traded at $26.8920. Approximately 4,079,835 shares traded hands during trading, a decline of 71% from the average daily volume of 14,085,694 shares. The stock had previously closed at $28.00.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Planet Labs PBC in a research note on Thursday, December 11th. JMP Securities reiterated a “market perform” rating on shares of Planet Labs PBC in a research report on Tuesday, October 21st. Craig Hallum restated a “buy” rating and issued a $30.00 price target on shares of Planet Labs PBC in a report on Tuesday, January 13th. Citizens Jmp lowered shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. Finally, Zacks Research lowered shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Monday, December 22nd. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.64.

Planet Labs PBC Stock Up 3.7%

The business has a 50 day moving average price of $18.14 and a 200-day moving average price of $12.68. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28.

Insider Activity

In other news, Director Kristen Robinson sold 47,835 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total value of $1,289,631.60. Following the completion of the transaction, the director directly owned 222,897 shares in the company, valued at approximately $6,009,303.12. This represents a 17.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the sale, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 292,348 shares of company stock valued at $7,323,958. 17.53% of the stock is currently owned by company insiders.

Institutional Trading of Planet Labs PBC

Hedge funds have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Planet Labs PBC during the second quarter valued at $1,947,000. LBP AM SA increased its stake in Planet Labs PBC by 17.0% during the 2nd quarter. LBP AM SA now owns 934,158 shares of the company’s stock valued at $5,698,000 after buying an additional 135,680 shares during the period. Conestoga Capital Advisors LLC increased its stake in Planet Labs PBC by 13.1% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 427,365 shares of the company’s stock valued at $2,607,000 after buying an additional 49,615 shares during the period. Rice Hall James & Associates LLC bought a new stake in shares of Planet Labs PBC during the 3rd quarter worth about $4,392,000. Finally, Eleva Capital SAS acquired a new stake in shares of Planet Labs PBC in the 2nd quarter worth approximately $787,000. 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.