This Earth Imaging Company’s Stock Is Up More Than 270% This Year. A Director Sold Shares.

Carl Bass, lead independent director at Planet Labs, sold roughly $5.9 million worth of company stock on Oct. 6. (Courtesy Planet Labs)

A director of Planet Labs exercised an option to acquire more than 375,000 shares of the Earth imaging company and sold them on the same day, securities filings show.

Carl Bass exercised an option to acquire 376,748 shares at $2.33 each, or $877,822 in total, on Oct. 6, according to a Form 4 filed with the Securities and Exchange Commission. He sold them the same day at prices ranging from $15.55 to $15.85 apiece, for a total of around $5.9 million.

Following the sale, Bass directly owned 317,530 shares of common stock, according to the form. This represents a roughly $5 million stake in the company, based on Thursday’s closing price of $15.66.

Shares of the satellite operator are up more than 271% this year. The benchmark S&P 500 , by comparison, has gained 13%.

Planet Labs didn’t immediately respond to Barron’s request for comment regarding the latest sale.

Bass is the lead independent director at Planet Labs, according to the company’s website. He has been a special advisor at Autodesk since February 2017, and held a string of executive positions during his 24-year tenure at the design-software company, including more than a decade as CEO.

Planet Labs began trading on the New York Stock Exchange in December 2021 after merging with dMY Technology Group Inc. IV, a special purpose acquisition company.

Planet Labs stock surged 48% after earnings at the start of September, when Planet Labs posted a narrower-than-expected first-quarter loss. The same day the company disclosed its quarterly results, Planet Lab also unveiled a private offering of $300 million worth of convertible senior notes that will mature in 2030.

Earlier this week, Planet Labs said it had been awarded a $7.5 million contract renewal from the U.S. Navy. It also announced an expanded partnership with VITO, a Flemish research institute, to deliver solutions for agriculture and environmental monitoring.

Planet Lab has said a prototype of its Owl monitoring satellite, which will use Nvidia chips, could arrive in late 2026. The satellite is expected to deliver imagery in only an hour, Planet Labs added. The prototype could prove a catalyst for shares.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com