Planet Labs PBC (NYSE:PL) Reaches New 12-Month High After Analyst Upgrade

Planet Labs PBC (NYSE:PL)’s stock price reached a new 52-week high during trading on Thursday after Wedbush raised their price target on the stock to $20.00. Wedbush currently has an outperform rating on the stock. Planet Labs PBC traded as high as $17.54 and last traded at $16.8650, with a volume of 24273255 shares. The stock had previously closed at $12.94.

A number of other brokerages have also recently commented on PL. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 21st. Cantor Fitzgerald lifted their price target on shares of Planet Labs PBC from $8.50 to $20.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Planet Labs PBC from $10.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Finally, Citigroup reiterated an “outperform” rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.16.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 81,656 shares of the business’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $15.50, for a total value of $1,265,668.00. Following the transaction, the insider directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 1.6% in the first quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company’s stock valued at $54,802,000 after buying an additional 261,171 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Planet Labs PBC by 41.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,323,263 shares of the company’s stock worth $4,473,000 after acquiring an additional 389,375 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Planet Labs PBC by 144.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 709,657 shares of the company’s stock valued at $2,399,000 after acquiring an additional 419,773 shares during the period. Invesco Ltd. lifted its holdings in Planet Labs PBC by 48.2% during the first quarter. Invesco Ltd. now owns 426,623 shares of the company’s stock valued at $1,442,000 after purchasing an additional 138,780 shares during the last quarter. Finally, Nuveen LLC bought a new position in Planet Labs PBC during the first quarter worth about $1,668,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

The firm’s 50 day moving average price is $13.01 and its two-hundred day moving average price is $9.11. The stock has a market cap of $5.24 billion, a PE ratio of -57.41 and a beta of 2.00.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17). The company had revenue of $81.25 million during the quarter, compared to the consensus estimate of $72.02 million. Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The firm’s quarterly revenue was up 32.6% compared to the same quarter last year. Analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

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.