Planet Labs PBC (NYSE:PL) Stock Price Up 8% – Here’s Why

Planet Labs PBC (NYSE:PL) shares traded up 8% on Tuesday . The company traded as high as $26.46 and last traded at $26.5610. 6,824,602 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 11,611,108 shares. The stock had previously closed at $24.60.

Analyst Ratings Changes

Several analysts have issued reports on PL shares. Morgan Stanley lifted their price target on Planet Labs PBC from $20.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. National Bank Financial set a $12.30 price target on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Craig Hallum reiterated a “buy” rating and issued a $30.00 price objective on shares of Planet Labs PBC in a report on Tuesday, January 13th. Finally, Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.88.

Planet Labs PBC Stock Up 7.7%

The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $8.31 billion, a P/E ratio of -63.03 and a beta of 1.95. The stock’s 50-day moving average price is $24.71 and its two-hundred day moving average price is $17.40.

Insider Transactions at Planet Labs PBC

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PL. Parkside Financial Bank & Trust raised its holdings in Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after acquiring an additional 745 shares during the period. Baillie Gifford & Co. bought a new position in shares of Planet Labs PBC in the fourth quarter worth $32,000. GAMMA Investing LLC grew its position in shares of Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after purchasing an additional 1,195 shares in the last quarter. North Star Investment Management Corp. grew its position in shares of Planet Labs PBC by 1,111.1% in the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock valued at $43,000 after purchasing an additional 2,000 shares in the last quarter. Finally, MCF Advisors LLC bought a new stake in shares of Planet Labs PBC during the 3rd quarter valued at $32,000. 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.