Planet Labs PBC (NYSE:PL) Reaches New 1-Year High – What’s Next?

Planet Labs PBC (NYSE:PL) hit a new 52-week high during trading on Tuesday . The stock traded as high as $48.55 and last traded at $48.10, with a volume of 2414775 shares trading hands. The stock had previously closed at $44.35.

Analyst Ratings Changes

Several equities analysts recently issued reports on PL shares. Citigroup lifted their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Morgan Stanley lifted their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Wedbush lifted their price objective on Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. New Street Research began coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Finally, Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $30.61.

Planet Labs PBC Stock Performance

The company has a market capitalization of $17.52 billion, a price-to-earnings ratio of -64.87 and a beta of 1.91. The stock has a fifty day moving average price of $35.75 and a two-hundred day moving average price of $25.60. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were 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 approximately $66,520,186.20. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 17.53% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in Planet Labs PBC during the third quarter worth approximately $13,564,000. New York State Common Retirement Fund increased its position in Planet Labs PBC by 45.3% during the third quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after purchasing an additional 63,088 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Planet Labs PBC by 74.1% during the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after acquiring an additional 851,937 shares during the last quarter. Finally, Ranger Investment Management L.P. acquired a new stake in Planet Labs PBC during the third quarter worth about $2,688,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.