Planet Labs PBC (NYSE:PL) Trading Up 15.4% – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price shot up 15.4% during trading on Monday . The company traded as high as $31.28 and last traded at $31.2320. Approximately 14,241,063 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 13,799,481 shares. The stock had previously closed at $27.07.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PL shares. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research report on Friday, June 5th. Wedbush reissued an “outperform” rating and issued a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. Morgan Stanley boosted their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Cantor Fitzgerald upped their price target on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Finally, Needham & Company LLC raised their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Six investment 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’s stock. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Stock Up 15.4%

The firm’s 50 day simple moving average is $37.60 and its 200-day simple moving average is $29.59. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of -27.40 and a beta of 1.99.

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

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the business’s 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 transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. 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. Corporate insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in PL. American Capital Advisory LLC acquired a new position in Planet Labs PBC during the first quarter worth $28,000. Western Wealth Management LLC bought a new stake in Planet Labs PBC during the first quarter worth $28,000. Parkside Financial Bank & Trust lifted its stake in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after acquiring an additional 745 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $32,000. Finally, Pittenger & Anderson Inc. grew its position in shares of Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares during the period. 41.71% of the stock is 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.