Planet Labs PBC (NYSE:PL) Trading Up 11.5% – What’s Next?

Planet Labs PBC (NYSE:PL)’s stock price shot up 11.5% during trading on Thursday . The stock traded as high as $34.32 and last traded at $34.2450. 15,985,863 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 13,399,908 shares. The stock had previously closed at $30.72.

Key Planet Labs PBC News

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet Labs is getting a boost from a sector-wide rally in space stocks as investors position ahead of SpaceX’s IPO, supporting demand for shares of PL. Planet Labs Stock Skyrockets Ahead Of SpaceX’s Friday IPO
• Positive Sentiment: Traders purchased unusually large volumes of call options on Planet Labs, indicating rising speculative bullishness in the stock. Traders Purchase Large Volume of Call Options on Planet Labs PBC (NYSE:PL)
• Neutral Sentiment: Planet Labs is also drawing attention from articles focused on its AIRS initiative, which links satellite data to sustainability efforts, but this is more of a long-term thematic story than an immediate market catalyst. Planet Labs Uses AIRS Initiative To Link Satellite Data With Sustainability
• Negative Sentiment: Northland Securities lowered some near- and longer-term earnings estimates for Planet Labs, which could temper enthusiasm around profitability expectations. Analysts Offer Insights on Industrial Goods Companies: Bloom Energy (BE), Equifax (EFX) and Planet Labs PBC (PL)

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price target on shares of Planet Labs PBC in a research report on Thursday. Weiss Ratings cut shares of Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the company a “buy” rating in a research report on Friday, March 27th. Finally, Morgan Stanley increased their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.28.

Planet Labs PBC Price Performance

The stock has a market capitalization of $11.85 billion, a P/E ratio of -30.04 and a beta of 1.99. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The stock has a 50-day simple moving average of $38.86 and a 200 day simple moving average of $28.17.

Planet Labs PBC (NYSE:PL) last released 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. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. The business’s revenue was up 42.1% on a year-over-year basis. On average, equities analysts forecast that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the sale, the insider directly owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.42% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Western Wealth Management LLC bought a new stake in shares of Planet Labs PBC in the first quarter worth about $28,000. Oddo BHF Asset Management Sas bought a new position in shares of Planet Labs PBC during the 1st quarter valued at about $5,472,000. Amundi lifted its holdings in shares of Planet Labs PBC by 30.7% during the 1st quarter. Amundi now owns 20,280 shares of the company’s stock valued at $567,000 after purchasing an additional 4,765 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock valued at $83,000 after purchasing an additional 2,102 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of Planet Labs PBC by 22.6% in the 1st quarter. California State Teachers Retirement System now owns 285,952 shares of the company’s stock valued at $7,992,000 after purchasing an additional 52,806 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.