Planet Labs PBC (NYSE:PL) Trading 5.9% Higher – Time to Buy?

Planet Labs PBC (NYSE:PL)’s share price rose 5.9% on Tuesday . The stock traded as high as $33.85 and last traded at $33.1130. Approximately 15,195,562 shares were traded during trading, an increase of 10% from the average session volume of 13,829,069 shares. The stock had previously closed at $31.28.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PL shares. Craig Hallum boosted their price target on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Wedbush started coverage on Planet Labs PBC in a research note on Wednesday. They set an “outperform” rating and a $50.00 price objective for the company. 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. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Finally, Cantor Fitzgerald increased their target price on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Down 0.6%

The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm’s 50-day moving average price is $37.20 and its 200 day moving average price is $29.96. The firm has a market cap of $11.20 billion, a P/E ratio of -27.58 and a beta of 2.06.

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

Insider Buying and Selling at Planet Labs PBC

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 stock was 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 directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently added to or reduced their stakes in the company. American Capital Advisory LLC bought a new stake in Planet Labs PBC during the first quarter valued at $28,000. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC in the 1st quarter worth about $28,000. Parkside Financial Bank & Trust lifted its position in shares of Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after buying an additional 745 shares during the last quarter. Baillie Gifford & Co. acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at about $32,000. Finally, Pittenger & Anderson Inc. grew its position in shares of Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after buying an additional 395 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

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.