Planet Labs PBC (NYSE:PL) Given Average Rating of “Hold” by Analysts

Shares of Planet Labs PBC (NYSE:PL) have received a consensus rating of “Hold” from the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $35.1083.

Several equities research analysts have weighed in on the company. The Goldman Sachs Group restated a “neutral” rating and set a $22.00 target price on shares of Planet Labs PBC in a research note on Thursday, June 11th. Cantor Fitzgerald lifted their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. New Street Research assumed coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Finally, Wedbush began coverage on Planet Labs PBC in a research note on Wednesday. They issued an “outperform” rating and a $50.00 price objective on the stock.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction dated 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 approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Western Wealth Management LLC acquired a new position in Planet Labs PBC during the 1st quarter worth approximately $28,000. Oddo BHF Asset Management Sas acquired a new stake in Planet Labs PBC in the first quarter valued at approximately $5,472,000. Amundi grew its stake in shares of Planet Labs PBC by 30.7% during the first quarter. Amundi now owns 20,280 shares of the company’s stock worth $567,000 after buying an additional 4,765 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Planet Labs PBC by 243.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock worth $83,000 after buying an additional 2,102 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Planet Labs PBC by 22.6% during the first quarter. California State Teachers Retirement System now owns 285,952 shares of the company’s stock worth $7,992,000 after buying an additional 52,806 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $31.44 on Friday. The firm has a 50 day moving average of $36.90 and a 200-day moving average of $30.06. Planet Labs PBC has a 12 month low of $5.87 and a 12 month high of $51.76. 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 $11.20 billion, a PE ratio of -27.58 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business 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 business’s quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities research analysts predict that Planet Labs PBC will post -0.65 EPS for the current fiscal 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.