Planet Labs PBC (NYSE:PL) Stock Jumps 7.8% – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price traded up 7.8% during trading on Friday. The company traded as high as $17.42 and last traded at $17.3950. Approximately 2,982,248 shares changed hands during trading, a decline of 75% from the average session volume of 12,018,842 shares. The stock had previously closed at $16.14.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Berenberg Bank initiated coverage on shares of Planet Labs PBC in a report on Wednesday, September 2nd. They set a “buy” rating and a $25.00 target price on the stock. The Goldman Sachs Group boosted their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Wedbush started coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.77.

Planet Labs PBC Stock Up 8.1%

The company has a quick ratio of 2.82, a current ratio of 2.84 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $6.35 billion, a PE ratio of -15.78 and a beta of 2.17. The firm has a 50-day moving average of $19.83 and a two-hundred day moving average of $29.01.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The firm had revenue of $116.05 million during the quarter, compared to analysts’ expectations of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm’s quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) EPS. Equities research analysts predict that Planet Labs PBC will post -0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robert H. Schingler sold 52,240 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the sale, the insider directly owned 170,171 shares of the company’s stock, valued at approximately $2,886,100.16. This represents a 23.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ashley F. Johnson sold 55,663 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $944,044.48. Following the completion of the transaction, the chief financial officer directly owned 577,915 shares in the company, valued at approximately $9,801,438.40. The trade was a 8.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 279,025 shares of company stock valued at $5,978,941. 16.42% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Capital Advisory LLC purchased a new stake in shares of Planet Labs PBC during the 1st quarter worth about $28,000. Western Wealth Management LLC bought a new position in Planet Labs PBC during the first quarter worth $28,000. Pittenger & Anderson Inc. boosted its stake in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Planet Labs PBC during the first quarter worth about $41,000. Finally, Whittier Trust Co. acquired a new stake in Planet Labs PBC in the 1st quarter valued at approximately $66,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

About Planet Labs PBC

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent, high-resolution imagery of the planet. Its data is used to monitor changes in land, infrastructure, agriculture, forests, oceans and other environments.

The company’s products include PlanetScope, a satellite imagery service intended to provide frequent coverage of large areas; SkySat, which offers higher-resolution imagery and video capabilities; and other satellite and data products, including hyperspectral imaging initiatives.