Planet Labs PBC (NYSE:PL) Hits New 1-Year High – Should You Buy?

Planet Labs PBC (NYSE:PL)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $45.78 and last traded at $42.44, with a volume of 1695882 shares. The stock had previously closed at $41.62.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citigroup increased their price target on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Morgan Stanley raised their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, March 25th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Wedbush raised their target price on Planet Labs PBC from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Finally, The Goldman Sachs Group increased their price target on Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Stock Down 0.6%

The company has a market capitalization of $14.31 billion, a P/E ratio of -53.01 and a beta of 1.91. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The stock has a 50 day moving average price of $34.31 and a 200 day moving average price of $24.75.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This trade represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Western Wealth Management LLC bought a new position in Planet Labs PBC during the 1st quarter worth $28,000. Oddo BHF Asset Management Sas bought a new position in Planet Labs PBC during the 1st quarter worth $5,472,000. Amundi grew its holdings in Planet Labs PBC by 30.7% during the 1st quarter. Amundi now owns 20,280 shares of the company’s stock worth $567,000 after acquiring an additional 4,765 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Planet Labs PBC by 243.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock worth $83,000 after acquiring an additional 2,102 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Planet Labs PBC by 22.6% during the 1st quarter. California State Teachers Retirement System now owns 285,952 shares of the company’s stock worth $7,992,000 after acquiring an additional 52,806 shares during the period. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Company Profile

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.