Planet Labs PBC (NYSE:PL) Stock Rating Lowered by Citizens Jmp

Key Points

• Planet Labs PBC was downgraded from an "outperform" to a "market perform" rating by Citizens Jmp, impacting investor sentiment on the stock.
• Despite the downgrade, several analysts have raised their price targets for Planet Labs PBC, with JMP Securities setting a target of $11.00 and Cantor Fitzgerald increasing it to $20.00.
• Planet Labs PBC reported a quarterly revenue of $73.39 million, exceeding expectations, but posted a loss of $0.07 earnings per share, missing consensus estimates.

Planet Labs PBC (NYSE:PL - Get Free Report) was downgraded by equities researchers at Citizens Jmp from an "outperform" rating to a "market perform" rating in a research report issued on Tuesday, MarketBeat.com reports.

A number of other brokerages have also weighed in on PL. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $12.00 to $16.00 and gave the company a "buy" rating in a research note on Monday. The Goldman Sachs Group initiated coverage on shares of Planet Labs PBC in a report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price objective for the company. Citigroup reiterated an "outperform" rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. Wedbush increased their price objective on shares of Planet Labs PBC from $11.00 to $17.00 and gave the company an "outperform" rating in a report on Thursday, October 2nd. Finally, Cantor Fitzgerald increased their price objective on shares of Planet Labs PBC from $8.50 to $20.00 and gave the company an "overweight" rating in a report on Friday. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC has an average rating of "Moderate Buy" and an average target price of $11.26.

Planet Labs PBC Trading Up 3.4%

Shares of Planet Labs PBC stock opened at $13.56 on Tuesday. The firm has a market capitalization of $4.18 billion, a PE ratio of -45.20 and a beta of 1.99. Planet Labs PBC has a twelve month low of $2.18 and a twelve month high of $16.78. The firm's 50-day moving average price is $10.36 and its 200 day moving average price is $6.80.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings results on Monday, September 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). The company had revenue of $73.39 million during the quarter, compared to analysts' expectations of $65.88 million. Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%. The company's quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) earnings per share. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Insider Activity

In other news, insider Robert H. Schingler sold 81,656 shares of the firm's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares in the company, valued at $19,977,066.50. This trade represents a 5.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.53% of the stock is owned by corporate insiders.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Planet Labs PBC by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company's stock worth $54,802,000 after buying an additional 261,171 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock worth $47,704,000 after buying an additional 20,400 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Planet Labs PBC by 245.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company's stock worth $14,964,000 after buying an additional 1,743,474 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after buying an additional 653,173 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after buying an additional 1,494,744 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

About Planet Labs PBC

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company's platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.