Planet Labs PBC (NYSE:PL) Trading Up 8.3% – Time to Buy?

Planet Labs PBC (NYSE:PL) shares shot up 8.3% during trading on Thursday . The company traded as high as $17.95 and last traded at $17.8450. 5,402,692 shares were traded during mid-day trading, a decline of 38% from the average session volume of 8,742,907 shares. The stock had previously closed at $16.47.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PL. National Bankshares set a $12.30 price objective on Planet Labs PBC in a research report on Tuesday. The Goldman Sachs Group reissued a “neutral” rating on shares of Planet Labs PBC in a research note on Tuesday. Northland Securities set a $17.00 price objective on Planet Labs PBC in a research note on Thursday, December 11th. Citigroup initiated coverage on shares of Planet Labs PBC in a report on Thursday, December 11th. They issued a “buy” rating and a $19.00 price objective for the company. Finally, JMP Securities reissued a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.74.

Planet Labs PBC Stock Up 6.1%

The stock’s 50-day simple moving average is $13.24 and its 200 day simple moving average is $9.59. The firm has a market cap of $5.38 billion, a P/E ratio of -41.60 and a beta of 2.00. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.17). Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The business had revenue of $81.25 million during the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC’s revenue was up 32.6% compared to the same quarter last year. As a group, research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 81,656 shares of the firm’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $15.50, for a total value of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares of the company’s stock, valued at approximately $19,977,066.50. This trade represents a 5.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC lifted its stake in shares of Planet Labs PBC by 418.2% in the third quarter. FNY Investment Advisers LLC now owns 78,500 shares of the company’s stock valued at $1,018,000 after buying an additional 63,350 shares in the last quarter. Allworth Financial LP lifted its position in Planet Labs PBC by 66.5% in the 3rd quarter. Allworth Financial LP now owns 30,162 shares of the company’s stock valued at $392,000 after acquiring an additional 12,044 shares in the last quarter. Swiss Life Asset Management Ltd bought a new position in Planet Labs PBC in the 3rd quarter valued at about $134,000. Cambria Investment Management L.P. boosted its stake in Planet Labs PBC by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 142,743 shares of the company’s stock valued at $1,853,000 after purchasing an additional 28,548 shares during the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Planet Labs PBC during the 3rd quarter worth approximately $323,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.