Planet Labs PBC (NYSE:PL) Stock Has Average Price Target of $31.56

Key Points

• Analysts rate Planet Labs “Hold” on average: Fourteen firms assign the stock an average 12-month price target of $31.56, with five buys, seven holds, one sell and one strong buy.
• Planet Labs exceeded quarterly expectations, reporting EPS of $0.02 versus a projected loss of $0.02 and revenue of $116.05 million, up 58.2% year over year. However, the company remains unprofitable, with a negative net margin of 95.13%.
• The stock opened at $15.99, well below its 12-month high of $51.76. Insiders sold 194,438 shares worth approximately $3.67 million over the past 90 days, while institutional investors own 41.71% of the company.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) have been given an average rating of "Hold" by the fourteen research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $31.56.

A number of research analysts recently issued reports on the stock. Northland Securities set a $40.00 price target on shares of Planet Labs PBC in a research report on Friday, September 4th. Craig Hallum set a $35.00 price objective on shares of Planet Labs PBC in a report on Friday, September 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $28.00 target price on shares of Planet Labs PBC in a research note on Tuesday, September 8th. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 2nd. Finally, Citigroup lowered shares of Planet Labs PBC from a "market perform" rating to a "hold" rating in a report on Friday, September 4th.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $15.99 on Tuesday. The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $5.82 billion, a P/E ratio of -14.53 and a beta of 2.17. The business has a fifty day simple moving average of $19.38 and a two-hundred day simple moving average of $28.44. Planet Labs PBC has a 12 month low of $10.52 and a 12 month high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced 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 firm had revenue of $116.05 million for 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 company's quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) EPS. On average, equities analysts forecast that Planet Labs PBC will post -0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 55,663 shares of Planet Labs PBC stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total transaction of $944,044.48. Following the completion of the transaction, the chief financial officer owned 577,915 shares in the company, valued at approximately $9,801,438.40. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert H. Schingler sold 52,240 shares of Planet Labs PBC stock in a transaction on Thursday, September 17th. The shares were 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. The trade was a 23.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 194,438 shares of company stock worth $3,674,258 in the last 90 days. Insiders own 16.42% of the company's stock.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently modified their holdings of the stock. Calamos Advisors LLC purchased a new stake in shares of Planet Labs PBC during the first quarter valued at approximately $2,973,000. Principal Financial Group Inc. increased its position in shares of Planet Labs PBC by 103.4% during the first quarter. Principal Financial Group Inc. now owns 565,537 shares of the company's stock valued at $15,807,000 after acquiring an additional 287,544 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Planet Labs PBC by 574.7% during the first quarter. Quantinno Capital Management LP now owns 145,751 shares of the company's stock valued at $4,074,000 after acquiring an additional 124,150 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Planet Labs PBC during the first quarter valued at approximately $5,472,000. Finally, Royal Bank of Canada raised its holdings in Planet Labs PBC by 66.3% in the 1st quarter. Royal Bank of Canada now owns 317,565 shares of the company's stock worth $8,876,000 after acquiring an additional 126,562 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.

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