Planet Labs PBC (NYSE:PL) Given Average Recommendation of “Hold” by Brokerages

Planet Labs PBC (NYSE:PL) has been given a consensus recommendation of “Hold” by the eleven ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $21.8818.

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Needham & Company LLC increased their target price on Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Wedbush boosted their price target on Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a research report 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. Finally, Citigroup raised their price objective on Planet Labs PBC from $19.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th.

Insider Activity

In other news, CFO Ashley F. Johnson sold 150,731 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the transaction, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vijaya Gadde sold 20,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the transaction, the director owned 250,169 shares of the company’s stock, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 292,348 shares of company stock valued at $7,323,958. Corporate insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares during the last quarter. Van ECK Associates Corp boosted its holdings in 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 during the last quarter. Geode Capital Management LLC boosted its stake in Planet Labs PBC by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after buying an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Planet Labs PBC by 7.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after acquiring an additional 301,757 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

NYSE:PL opened at $25.27 on Monday. Planet Labs PBC has a 1 year low of $2.79 and a 1 year high of $30.90. The business has a 50 day simple moving average of $24.10 and a 200-day simple moving average of $16.63. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of -60.17 and a beta of 1.95. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.02. The firm had revenue of $81.25 million during the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.Planet Labs PBC’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period last year, the company earned ($0.02) EPS. Equities analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

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.