Goldman Sachs Group Inc. Buys 653,173 Shares of Planet Labs PBC $PL

Key Points

• Goldman Sachs Group Inc. increased its stake in Planet Labs PBC by 54.3% during the first quarter, acquiring a total of 1,856,245 shares valued at approximately $6.27 million.
• Planet Labs PBC reported a quarterly revenue of $73.39 million, exceeding estimates and showing a 20.1% increase compared to the previous year, although it posted a loss of ($0.07) EPS.
• Following analyst upgrades, including a price target increase by Needham & Company LLC from $8.00 to $12.00, the consensus price target for Planet Labs PBC is now $7.56 with a rating of "Moderate Buy."

Goldman Sachs Group Inc. grew its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 54.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,856,245 shares of the company's stock after buying an additional 653,173 shares during the period. Goldman Sachs Group Inc. owned approximately 0.61% of Planet Labs PBC worth $6,274,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of PL. Iron Gate Global Advisors LLC bought a new position in shares of Planet Labs PBC during the 1st quarter valued at about $36,000. HighTower Advisors LLC bought a new position in shares of Planet Labs PBC during the 1st quarter valued at about $37,000. Forum Financial Management LP bought a new position in shares of Planet Labs PBC during the 1st quarter valued at about $39,000. Wellington Shields & Co. LLC bought a new position in shares of Planet Labs PBC during the 1st quarter valued at about $39,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Planet Labs PBC by 32.1% during the 1st quarter. Mackenzie Financial Corp now owns 13,364 shares of the company's stock valued at $45,000 after purchasing an additional 3,245 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PL shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.50 price objective (up previously from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They set a "neutral" rating and a $4.60 price target for the company. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $8.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Planet Labs PBC in a research report on Tuesday, September 9th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.56.

Planet Labs PBC Price Performance

PL traded up $0.22 during trading on Friday, hitting $10.83. The stock had a trading volume of 4,042,295 shares, compared to its average volume of 7,637,813. The company has a 50 day moving average price of $7.16 and a 200-day moving average price of $5.26. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of -36.11 and a beta of 1.81. Planet Labs PBC has a one year low of $2.02 and a one year high of $10.87.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings results on Monday, September 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The firm had revenue of $73.39 million during the quarter, compared to the consensus estimate 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 business's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) earnings per share. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Planet Labs PBC Profile

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.