Planet Labs PBC (NYSE:PL) Stock Rated "Hold" by Wall Street Analysts

Key Points

• Analysts maintain a “Hold” consensus on Planet Labs, with 7 holds, 5 buys, 1 strong buy and 1 sell among 14 analysts; the average 12-month price target is $30.33.
• Planet Labs beat quarterly estimates, reporting EPS of $0.02 versus a consensus loss of $0.02 and revenue of $116.05 million, up 58.2% year over year.
• Company insiders sold 165,897 shares worth about $2.68 million over the past 90 days; insiders retain 16.42% ownership.

Planet Labs PBC (NYSE:PL - Get Free Report) has been assigned a consensus rating of "Hold" from the fourteen analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $30.33.

A number of brokerages recently issued reports on PL. Berenberg Bank initiated coverage on shares of Planet Labs PBC in a research report on Wednesday, September 2nd. They set a "buy" rating and a $25.00 target price on the stock. Citigroup lowered shares of Planet Labs PBC from a "market perform" rating to a "hold" rating in a report on Friday, September 4th. New Street Research raised Planet Labs PBC from a "sell" rating to a "neutral" rating in a research report on Friday, September 4th. Barclays began coverage on shares of Planet Labs PBC in a research note on Friday, October 9th. They set an "equal weight" rating and a $17.00 target price on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th.

Planet Labs PBC Trading Up 10.0%

Shares of PL opened at $12.50 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82. The company has a market capitalization of $4.55 billion, a P/E ratio of -11.37 and a beta of 2.27. The firm's 50 day simple moving average is $15.92 and its 200 day simple moving average is $26.25. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly 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. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%. The company had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. During the same period in the prior year, the company earned ($0.07) earnings per share. The firm's revenue was up 58.2% on a year-over-year basis. Sell-side analysts forecast that Planet Labs PBC will post -0.60 earnings per share for the current fiscal year.

Insider Activity at Planet Labs PBC

In related news, Director Ita M. Brennan sold 11,500 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 250,373 shares in the company, valued at $4,081,079.90. The trade was a 4.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kristen Robinson sold 40,000 shares of the stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total transaction of $565,600.00. Following the completion of the sale, the director directly owned 182,897 shares of the company's stock, valued at approximately $2,586,163.58. This trade represents a 17.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 165,897 shares of company stock valued at $2,681,988 over the last 90 days. Company insiders own 16.42% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PL. Ariadne Wealth Management LP raised its holdings in shares of Planet Labs PBC by 25.7% during the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company's stock valued at $184,000 after purchasing an additional 2,289 shares during the last quarter. Pier 88 Investment Partners LLC increased its holdings in shares of Planet Labs PBC by 61.6% in the third quarter. Pier 88 Investment Partners LLC now owns 20,200 shares of the company's stock valued at $331,000 after purchasing an additional 7,700 shares during the period. King Luther Capital Management Corp grew its holdings in shares of Planet Labs PBC by 203.3% during the third quarter. King Luther Capital Management Corp now owns 1,034,230 shares of the company's stock worth $16,951,000 after buying an additional 693,251 shares in the last quarter. Jacobi Capital Management LLC acquired a new position in shares of Planet Labs PBC in the 3rd quarter valued at approximately $26,000. Finally, Texas Bank & Trust Co acquired a new position in shares of Planet Labs PBC during the third quarter valued at $221,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

About Planet Labs PBC

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet's product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.

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