Planet Labs PBC (NYSE:PL) Shares Up 2.1% – What’s Next?

Planet Labs PBC (NYSE:PL) shares were up 2.1% during mid-day trading on Friday . The stock traded as high as $28.69 and last traded at $27.0680. Approximately 43,904,184 shares traded hands during trading, an increase of 219% from the average daily volume of 13,744,298 shares. The stock had previously closed at $26.51.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PL. Craig Hallum raised their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research report on Monday, June 15th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, Cantor Fitzgerald raised their target price on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Six 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Stock Performance

The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The firm has a 50-day moving average of $37.60 and a 200 day moving average of $29.47. The stock has a market capitalization of $9.65 billion, a P/E ratio of -23.74 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business’s revenue for the quarter was up 42.1% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction that occurred 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 sale, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert H. Schingler sold 73,683 shares of the company’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 sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake 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 acquiring an additional 806,818 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after purchasing an additional 20,400 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Planet Labs PBC by 320.3% in the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after purchasing an additional 301,757 shares during the last quarter. Institutional investors and hedge funds 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.