Planet Labs PBC (NYSE:PL) Trading 6.7% Higher – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price shot up 6.7% on Thursday . The stock traded as high as $12.72 and last traded at $12.8190. 1,394,030 shares were traded during trading, a decline of 83% from the average session volume of 8,315,139 shares. The stock had previously closed at $12.01.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PL shares. Citizens Jmp lowered Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. JMP Securities reissued a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Needham & Company LLC raised their target price on shares of Planet Labs PBC from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Citigroup reaffirmed an “outperform” rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Planet Labs PBC from $10.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $11.26.

Planet Labs PBC Price Performance

The business’s 50-day moving average price is $13.02 and its 200 day moving average price is $8.88. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -42.63 and a beta of 2.00.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Monday, September 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The company had revenue of $73.39 million for the quarter, compared to analyst estimates of $65.88 million. During the same period in the previous year, the business posted ($0.06) EPS. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, sell-side analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares of the company’s stock, valued at approximately $19,977,066.50. The trade was a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.53% of the stock is owned by insiders.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its stake in shares of Planet Labs PBC by 2.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after purchasing an additional 781 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Planet Labs PBC by 3.6% in the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after buying an additional 896 shares in the last quarter. Ariadne Wealth Management LP increased its holdings in Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock worth $145,000 after buying an additional 905 shares during the last quarter. Valeo Financial Advisors LLC raised its position in Planet Labs PBC by 4.5% during the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock valued at $281,000 after acquiring an additional 925 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its position in Planet Labs PBC by 0.8% during the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock valued at $1,908,000 after acquiring an additional 1,114 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.