Planet Labs PBC (NYSE:PL) Receives Average Rating of “Hold” from Brokerages

Shares of Planet Labs PBC (NYSE:PL) have been given an average rating of “Hold” by the twelve research firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $35.3583.

Several equities analysts recently issued reports on PL shares. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Wedbush initiated coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price for the company. Needham & Company LLC increased their target price on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th. New Street Research initiated coverage on Planet Labs PBC in a report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target on the stock. Finally, Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th.

Planet Labs PBC Stock Down 2.0%

Shares of Planet Labs PBC stock opened at $22.38 on Thursday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of -19.63 and a beta of 2.11. The firm’s 50-day moving average is $29.12 and its two-hundred day moving average is $30.51. Planet Labs PBC has a 1 year low of $6.10 and a 1 year high of $51.76.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The company’s quarterly revenue was up 42.1% on a year-over-year basis. As a group, research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 25,000 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the completion of the transaction, the insider directly owned 225,171 shares in the company, valued at approximately $5,836,432.32. The trade was a 9.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Ashley F. Johnson sold 75,035 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the sale, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 171,122 shares of company stock valued at $4,148,906 over the last quarter. 16.42% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Calamos Advisors LLC acquired a new position in Planet Labs PBC during the 1st quarter valued at approximately $2,973,000. Principal Financial Group Inc. raised its holdings in shares of Planet Labs PBC by 103.4% in the first quarter. Principal Financial Group Inc. now owns 565,537 shares of the company’s stock worth $15,807,000 after buying an additional 287,544 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Planet Labs PBC during the first quarter worth $5,472,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Planet Labs PBC by 36.5% during the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock worth $28,542,000 after buying an additional 273,300 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

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.