Planet Labs PBC (NYSE:PL) Trading 10% Higher – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price rose 10% on Wednesday . The company traded as high as $31.18 and last traded at $30.7420. Approximately 17,095,540 shares traded hands during trading, an increase of 23% from the average daily volume of 13,932,418 shares. The stock had previously closed at $27.95.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Northland Securities set a $28.00 price target on shares of Planet Labs PBC in a report on Tuesday, January 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Thursday, January 22nd. National Bank Financial set a $12.30 target price on Planet Labs PBC in a report on Tuesday, December 16th. Morgan Stanley lifted their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 25th. Finally, Citigroup upped their price target on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Planet Labs PBC has an average rating of “Hold” and an average target price of $27.70.

Planet Labs PBC Stock Performance

The firm’s fifty day moving average price is $26.03 and its 200-day moving average price is $19.32. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The company has a market cap of $12.41 billion, a P/E ratio of -45.95 and a beta of 1.83.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The company had revenue of $86.82 million during the quarter, compared to the consensus estimate of $78.17 million. The company’s revenue was up 41.1% 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.

Insiders Place Their Bets

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total value of $4,071,244.31. Following the completion of the sale, the chief financial officer owned 1,956,101 shares in the company, valued at approximately $52,834,288.01. This trade represents a 7.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristen Robinson sold 47,835 shares of Planet Labs PBC stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the sale, the director directly owned 222,897 shares in the company, valued at $6,009,303.12. The trade was a 17.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 218,566 shares of company stock worth $5,896,276. 17.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust lifted its holdings in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after acquiring an additional 745 shares during the period. MCF Advisors LLC bought a new stake in Planet Labs PBC in the third quarter valued at about $32,000. Baillie Gifford & Co. acquired a new position in Planet Labs PBC in the fourth quarter worth about $32,000. Larson Financial Group LLC acquired a new position in Planet Labs PBC in the third quarter worth about $39,000. Finally, GAMMA Investing LLC lifted its stake in Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after purchasing an additional 1,195 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.