Planet Labs PBC (NYSE:PL) Stock Price Up 7.8% – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price rose 7.8% during trading on Friday. The stock traded as high as $17.42 and last traded at $17.3950. 2,982,248 shares traded hands during trading, a decline of 75% from the average daily volume of 12,018,842 shares. The stock had previously closed at $16.14.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $28.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, September 8th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Northland Securities set a $40.00 price target on Planet Labs PBC in a research note on Friday, September 4th. Citizens Jmp reiterated a “market perform” rating on shares of Planet Labs PBC in a report on Friday, September 4th. Finally, Craig Hallum set a $35.00 price target on shares of Planet Labs PBC in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Hold” and a consensus price target of $32.77.

Planet Labs PBC Stock Performance

The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of -15.78 and a beta of 2.17. The company’s 50-day moving average price is $19.83 and its two-hundred day moving average price is $29.01. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $116.05 million for the quarter, compared to the consensus estimate of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%.The firm’s revenue for the quarter was up 58.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) EPS. On average, equities research analysts anticipate that Planet Labs PBC will post -0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director owned 37,114 shares in the company, valued at $970,902.24. The trade was a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ashley F. Johnson sold 75,035 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total value of $1,656,772.80. Following the transaction, the chief financial officer owned 1,132,122 shares in the company, valued at $24,997,253.76. This trade represents a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 279,025 shares of company stock valued at $5,978,941. 16.42% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently made changes to their positions in the business. Tema ETFs LLC raised its position in shares of Planet Labs PBC by 75,804.6% during the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock valued at $52,709,000 after buying an additional 1,588,864 shares during the last quarter. Tidal Investments LLC grew its stake in Planet Labs PBC by 5,339.2% during the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock valued at $52,710,000 after acquiring an additional 1,561,769 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Planet Labs PBC by 2,046.9% during the fourth quarter. BNP Paribas Financial Markets now owns 966,280 shares of the company’s stock valued at $19,055,000 after acquiring an additional 921,272 shares in the last quarter. Norges Bank bought a new stake in Planet Labs PBC in the 4th quarter valued at $17,494,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after purchasing an additional 861,306 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Company Profile

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent, high-resolution imagery of the planet. Its data is used to monitor changes in land, infrastructure, agriculture, forests, oceans and other environments.

The company’s products include PlanetScope, a satellite imagery service intended to provide frequent coverage of large areas; SkySat, which offers higher-resolution imagery and video capabilities; and other satellite and data products, including hyperspectral imaging initiatives.