Planet Labs PBC (NYSE:PL) Trading Up 2% – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) shot up 2% during mid-day trading on Monday . The company traded as high as $29.14 and last traded at $28.8020. 15,183,269 shares traded hands during trading, an increase of 12% from the average daily volume of 13,583,872 shares. The stock had previously closed at $28.23.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PL shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 11th. Zacks Research lowered shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Craig Hallum increased their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Wedbush restated an “outperform” rating and set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Finally, Needham & Company LLC upped their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Price Performance

The firm has a market capitalization of $9.33 billion, a PE ratio of -22.96 and a beta of 1.99. The company has a 50-day moving average price of $38.06 and a 200-day moving average price of $29.30. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

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

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.42% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in the company. American Capital Advisory LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at about $28,000. Western Wealth Management LLC acquired a new stake in Planet Labs PBC during the 1st quarter worth approximately $28,000. Pittenger & Anderson Inc. raised its holdings in Planet Labs PBC by 40.9% in the first 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 period. Whittier Trust Co. of Nevada Inc. purchased a new position in Planet Labs PBC in the first quarter valued at approximately $41,000. Finally, Parkside Financial Bank & Trust lifted its position in Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.