Planet Labs PBC (NYSE:PL) Shares Up 15.4% – Time to Buy?

Planet Labs PBC (NYSE:PL) shares traded 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 were traded during trading, an increase of 3% from the average daily volume of 13,799,481 shares. The stock had previously closed at $27.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PL. Craig Hallum increased their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. New Street Research started coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $36.00 price objective on shares of Planet Labs PBC in a report on Monday, June 15th. Morgan Stanley increased 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. Finally, Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. 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 stock. According to MarketBeat, Planet Labs PBC has a consensus rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Price Performance

The company has a 50 day moving average of $37.60 and a 200 day moving average of $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 firm has a market cap 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 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. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. The firm’s revenue was up 42.1% on a year-over-year basis. Equities research analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Activity

In related 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 value of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred 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. This represents 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. Insiders own 16.42% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PL. American Capital Advisory LLC bought a new stake in shares of Planet Labs PBC during the first quarter worth $28,000. Western Wealth Management LLC bought a new stake in Planet Labs PBC in the 1st quarter valued at $28,000. Parkside Financial Bank & Trust lifted its position in Planet Labs PBC by 92.5% in the 4th 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 in the last quarter. Baillie Gifford & Co. acquired a new position in Planet Labs PBC in the 4th quarter worth $32,000. Finally, Pittenger & Anderson Inc. boosted its stake in Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after purchasing an additional 395 shares during the period. Institutional investors own 41.71% of the company’s stock.

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.