Planet Labs PBC (NYSE:PL) Price Target Raised to $35.00 at Morgan Stanley

Planet Labs PBC (NYSE:PL) had its price target boosted by equities researchers at Morgan Stanley from $26.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 3.18% from the stock’s current price.

PL has been the topic of a number of other research reports. Citigroup raised their target price on Planet Labs PBC from $19.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Finally, Craig Hallum reaffirmed a “buy” rating and set a $30.00 target price on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.25.

Planet Labs PBC Price Performance

Planet Labs PBC stock traded up $4.32 during trading hours on Wednesday, reaching $36.15. 18,209,697 shares of the stock were exchanged, compared to its average volume of 13,575,994. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a twelve month low of $2.79 and a twelve month high of $37.05. The company has a market cap of $11.34 billion, a P/E ratio of -46.19 and a beta of 1.95. The stock has a 50 day moving average of $25.46 and a two-hundred day moving average of $18.37.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.43). The firm had revenue of $86.82 million for the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The company’s revenue for the quarter was up 41.1% on a year-over-year basis. Equities analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In related news, Director Kristen Robinson sold 47,835 shares of Planet Labs PBC stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the sale, the director directly owned 222,897 shares in the company, valued at $6,009,303.12. This trade represents a 17.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vijaya Gadde sold 20,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the transaction, the director directly owned 250,169 shares of the company’s stock, valued at $6,697,024.13. The trade was a 7.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 292,348 shares of company stock worth $7,323,958 in the last 90 days. Corporate insiders own 17.53% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC bought a new stake in Planet Labs PBC in the fourth quarter valued at approximately $8,457,000. Osbon Capital Management LLC acquired a new position in shares of Planet Labs PBC in the 4th quarter worth approximately $554,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Planet Labs PBC by 5,433.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 61,860 shares of the company’s stock worth $1,220,000 after purchasing an additional 60,742 shares during the period. Virtue Capital Management LLC boosted its stake in shares of Planet Labs PBC by 1,837.6% in the 4th quarter. Virtue Capital Management LLC now owns 83,296 shares of the company’s stock valued at $1,700,000 after purchasing an additional 78,997 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Planet Labs PBC by 9.5% during the fourth quarter. Mackenzie Financial Corp now owns 14,631 shares of the company’s stock worth $288,000 after buying an additional 1,267 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

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.