Planet Labs PBC (NYSE:PL) Announces Quarterly Earnings Results

Key Points

• Planet Labs reported a quarterly loss of $0.03 per share, missing analysts’ consensus estimate of a $0.02 loss. The company posted a negative net margin of 111.17% and negative return on equity of 105.29%.
• Shares fell $1.57 to $18.42 during Thursday trading, while the stock remains well below its 52-week high of $51.76. Planet Labs has a market capitalization of approximately $6.56 billion and a debt-to-equity ratio of 1.01.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $34.56. Insiders sold 171,122 shares worth about $4.15 million over the past 90 days.

Planet Labs PBC (NYSE:PL - Get Free Report) issued its earnings results on Thursday. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01), Zacks reports. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%.

Planet Labs PBC Stock Performance

Planet Labs PBC stock traded down $1.57 on Thursday, reaching $18.42. 29,247,223 shares of the stock were exchanged, compared to its average volume of 12,013,854. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a twelve month low of $6.26 and a twelve month high of $51.76. The firm has a fifty day moving average price of $24.00 and a two-hundred day moving average price of $30.15. The stock has a market cap of $6.56 billion, a PE ratio of -16.16 and a beta of 2.10.

Insider Activity

In other news, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $648,000.00. Following the transaction, the insider directly owned 225,171 shares in the company, valued at approximately $5,836,432.32. The trade was a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ashley F. Johnson sold 75,035 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total value of $1,656,772.80. Following the sale, the chief financial officer owned 1,132,122 shares of the company's stock, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 171,122 shares of company stock valued at $4,148,906. 16.42% of the stock is owned by insiders.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its stake in shares of Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock valued at $31,000 after buying an additional 745 shares during the period. Larson Financial Group LLC acquired a new position in Planet Labs PBC in the 3rd quarter valued at approximately $39,000. Advisory Services Network LLC acquired a new position in Planet Labs PBC in the 3rd quarter valued at approximately $56,000. Wexford Capital LP bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $63,000. Finally, Quarry LP bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $66,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PL. Weiss Ratings raised Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 15th. New Street Research started coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a "sell" rating and a $28.00 price target for the company. The Goldman Sachs Group raised their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Needham & Company LLC boosted their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Finally, Wedbush began coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They set an "outperform" rating and a $50.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $34.56.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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