Planet Labs PBC (NYSE:PL) Receives Average Rating of “Hold” from Analysts

Planet Labs PBC (NYSE:PL) has received an average recommendation of “Hold” from the twelve analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $35.3583.

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Wedbush started coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a research note on Friday, June 5th. Finally, Craig Hallum upped their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th.

Insider Activity at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 75,035 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the transaction, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at approximately $24,997,253.76. This represents a 6.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $648,000.00. Following the transaction, the insider owned 225,171 shares of the company’s stock, valued at $5,836,432.32. This represents a 9.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 171,122 shares of company stock valued at $4,148,906 in the last three months. Corporate insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in PL. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after buying an additional 20,400 shares during the last quarter. Van ECK Associates Corp grew its holdings in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC raised its position in Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after buying an additional 71,381 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after buying an additional 301,757 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Trading Up 5.3%

NYSE PL opened at $21.57 on Thursday. The business has a 50 day simple moving average of $30.19 and a 200 day simple moving average of $30.58. Planet Labs PBC has a one year low of $6.10 and a one year high of $51.76. The stock has a market capitalization of $7.69 billion, a P/E ratio of -18.92 and a beta of 2.11. 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 issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.Planet Labs PBC’s revenue was up 42.1% on a year-over-year basis. Research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.

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.