Planet Labs PBC (NYSE:PL) Given Consensus Recommendation of "Hold" by Analysts

Key Points

• Planet Labs PBC currently has a consensus analyst rating of “Hold”, based on 12 firms covering the stock. The average 12-month price target is about $30.61, with analysts split between sell, hold, and buy views.
• Recent research updates were mixed, with Wedbush and Needham raising price targets and maintaining bullish ratings, while New Street Research initiated coverage with a sell rating. Goldman Sachs also lifted its target, but kept a neutral stance.
• Insider trading showed notable selling, including shares sold by CFO Ashley F. Johnson and insider Robert H. Schingler. The article also highlighted positive business momentum from a successful Pelican satellite launch and new EU defense-related deals.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) have earned an average recommendation of "Hold" from the twelve ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $30.6083.

A number of research firms have commented on PL. Wedbush upped their price target on Planet Labs PBC from $40.00 to $50.00 and gave the company an "outperform" rating in a research report on Thursday. Needham & Company LLC upped their price target on Planet Labs PBC to $40.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Morgan Stanley increased their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 25th. New Street Research started coverage on Planet Labs PBC in a research report on Wednesday. They issued a "sell" rating and a $28.00 target price for the company. Finally, The Goldman Sachs Group increased their target price on Planet Labs PBC from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th.

Insider Activity at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider directly owned 256,488 shares of the company's stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. American Capital Advisory LLC bought a new position in shares of Planet Labs PBC in the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust raised its position in shares of Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock worth $31,000 after acquiring an additional 745 shares in the last quarter. MCF Advisors LLC bought a new position in Planet Labs PBC during the 3rd quarter valued at approximately $32,000. Baillie Gifford & Co. bought a new position in Planet Labs PBC during the 4th quarter valued at approximately $32,000. Finally, Pittenger & Anderson Inc. increased its position in Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock valued at $38,000 after buying an additional 395 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

Trending Headlines about Planet Labs PBC

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet released first-light imagery from its latest Pelican launch, highlighting strong early performance from three new satellites and showing imagery from Sweden’s first sovereign satellite. Planet Releases First Light from Latest Pelican Launch, Including Imagery from Sweden's First Sovereign Satellite
• Positive Sentiment: The company’s growing defense and government business received a boost from new EU defense-related deals, which investors may see as evidence of rising demand and commercial traction. Planet Labs (PL) Is Up 22.1% After New EU Defense Deals And Swedish Military Satellite Launch
• Positive Sentiment: Wedbush raised its price target on Planet Labs to $50 and kept an outperform rating, signaling confidence in the company’s outlook. Planet Labs PBC had its price target raised by Wedbush from $40.00 to $50.00.
• Neutral Sentiment: New Street Research reportedly downgraded the stock to “strong sell,” which could temper some of the enthusiasm around the recent rally. Planet Labs PBC was upgraded by New Street Research to "strong sell".

Planet Labs PBC Trading Down 3.2%

PL opened at $41.66 on Friday. The business has a 50 day simple moving average of $33.64 and a two-hundred day simple moving average of $24.27. The firm has a market capitalization of $14.42 billion, a price-to-earnings ratio of -53.42 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. Planet Labs PBC has a one year low of $3.47 and a one year high of $43.45.

About Planet Labs PBC

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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