Planet Labs PBC (NYSE:PL) Upgraded to "Hold" at Barclays

Key Points

• Barclays upgraded Planet Labs to “Hold,” while the broader analyst consensus remains “Hold,” with an average price target of $31.56.
• Planet Labs reported quarterly revenue of $116.05 million, beating estimates of $104.53 million, and earnings of $0.02 per share versus expectations for a $0.02 loss. Revenue increased 58.2% year over year, though the company continued to post significant net losses.
• Shares opened at $17.19, well below the 200-day moving average of $28.59 and the 52-week high of $51.76. Insiders sold more than 200,000 shares worth approximately $3.84 million in the last quarter.

Planet Labs PBC (NYSE:PL - Get Free Report) was upgraded by stock analysts at Barclays to a "hold" rating in a research report issued to clients and investors on Friday, Zacks reports.

PL has been the subject of a number of other research reports. Wedbush began coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They set an "outperform" rating and a $50.00 price objective for the company. Berenberg Bank initiated coverage on Planet Labs PBC in a research report on Wednesday, September 2nd. They issued a "buy" rating and a $25.00 target price on the stock. Northland Securities set a $40.00 target price on Planet Labs PBC in a research note on Friday, September 4th. Citizens Jmp reissued a "market perform" rating on shares of Planet Labs PBC in a report on Friday, September 4th. Finally, The Goldman Sachs Group upped their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $31.56.

Planet Labs PBC Price Performance

PL opened at $17.19 on Friday. 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's 50-day moving average price is $19.49 and its 200 day moving average price is $28.59. Planet Labs PBC has a fifty-two week low of $10.52 and a fifty-two week high of $51.76. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of -15.63 and a beta of 2.17.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.04. The company had revenue of $116.05 million during the quarter, compared to the consensus estimate of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%. Planet Labs PBC's quarterly revenue was up 58.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts expect that Planet Labs PBC will post -0.91 earnings per share for the current year.

Insiders Place Their Bets

In other Planet Labs PBC news, Director Ita Brennan sold 11,500 shares of Planet Labs PBC stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $16.30, for a total transaction of $187,450.00. Following the sale, the director owned 250,373 shares of the company's stock, valued at $4,081,079.90. The trade was a 4.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Schingler sold 52,240 shares of the business's stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $885,990.40. Following the transaction, the insider owned 170,171 shares of the company's stock, valued at $2,886,100.16. This trade represents a 23.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 200,932 shares of company stock valued at $3,844,141 in the last quarter. 16.42% of the stock is owned by insiders.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirador Capital Partners LP increased its stake in Planet Labs PBC by 6.2% during the 3rd quarter. Mirador Capital Partners LP now owns 12,910 shares of the company's stock valued at $212,000 after buying an additional 753 shares during the period. Green Alpha Advisors LLC acquired a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $835,000. Farther Finance Advisors LLC lifted its stake in shares of Planet Labs PBC by 25.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 10,754 shares of the company's stock worth $176,000 after acquiring an additional 2,148 shares during the period. First Community Trust NA boosted its holdings in shares of Planet Labs PBC by 275.7% in the third quarter. First Community Trust NA now owns 22,612 shares of the company's stock valued at $371,000 after acquiring an additional 16,594 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Planet Labs PBC by 5,339.2% in the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company's stock valued at $52,710,000 after acquiring an additional 1,561,769 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

Planet Labs PBC Company Profile

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.

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