Planet Labs PBC (NYSE:PL) Shares Gap Up – Here’s Why

Planet Labs PBC (NYSE:PL) gapped up before the market opened on Tuesday. The stock had previously closed at $17.36, but opened at $18.12. Planet Labs PBC shares last traded at $18.4470, with a volume of 4,220,285 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PL shares. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Craig Hallum set a $35.00 target price on shares of Planet Labs PBC in a research report on Friday, September 4th. Citizens Jmp reaffirmed a “market perform” rating on shares of Planet Labs PBC in a research note on Friday, September 4th. Berenberg Bank assumed 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. Finally, Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $32.77.

Planet Labs PBC Stock Up 4.7%

The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84. The firm has a market capitalization of $6.62 billion, a P/E ratio of -16.49 and a beta of 2.17. The stock has a 50 day moving average of $19.69 and a 200-day moving average of $28.90.

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

Insider Buying and Selling

In related news, Director Ita Brennan sold 11,500 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $16.30, for a total transaction of $187,450.00. Following the completion of the sale, the director directly owned 250,373 shares in the company, valued at $4,081,079.90. This represents a 4.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert Schingler sold 64,593 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the completion of the sale, the insider directly owned 825,541 shares in the company, valued at $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 290,525 shares of company stock worth $6,166,391 in the last ninety days. Corporate insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. American Capital Advisory LLC purchased a new position in shares of Planet Labs PBC in the first quarter worth $28,000. Western Wealth Management LLC bought a new stake in Planet Labs PBC during the 1st quarter valued at approximately $28,000. Pittenger & Anderson Inc. lifted its holdings in shares of Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after buying an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Planet Labs PBC during the first quarter valued at approximately $41,000. Finally, Whittier Trust Co. purchased a new stake in Planet Labs PBC during the first quarter valued at approximately $66,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.