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

Key Points

• Analyst consensus is “Hold” among 12 brokerages, with six buy ratings, four holds and two sells. The average 12-month price target is $35.36, though recent targets range from $25 to $53.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year and above estimates, while adjusted earnings of negative $0.03 per share beat expectations by $0.01. The company remains unprofitable, with negative net margins and analysts forecasting a full-year loss.
• Insiders sold 171,122 shares worth approximately $4.15 million over the past 90 days, while institutional ownership stands at 41.71%; Vanguard and several other investment firms increased their positions.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) have received an average rating of "Hold" from the twelve research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $35.3583.

Several brokerages have commented on PL. The Goldman Sachs Group increased their price target on Planet Labs PBC from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Craig Hallum upped their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Needham & Company LLC raised their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Finally, Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 target price on the stock.

Planet Labs PBC Stock Performance

PL opened at $22.32 on Monday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The company has a market cap of $7.95 billion, a PE ratio of -19.58 and a beta of 2.11. The stock has a 50-day moving average of $25.24 and a 200-day moving average of $30.24. Planet Labs PBC has a 52-week low of $6.26 and a 52-week high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The firm's revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Ashley F. Johnson sold 75,035 shares of the business's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 25,000 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the sale, the insider owned 225,171 shares of the company's stock, valued at approximately $5,836,432.32. The trade was a 9.99% 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 Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PL. Vanguard Group Inc. increased its stake in Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company's stock valued at $381,750,000 after acquiring an additional 806,818 shares during the period. Calamos Advisors LLC acquired a new position in Planet Labs PBC in the 1st quarter valued at approximately $2,973,000. Principal Financial Group Inc. lifted its position in shares of Planet Labs PBC by 103.4% in the 1st quarter. Principal Financial Group Inc. now owns 565,537 shares of the company's stock worth $15,807,000 after acquiring an additional 287,544 shares during the period. Quantinno Capital Management LP lifted its position in shares of Planet Labs PBC by 574.7% in the 1st quarter. Quantinno Capital Management LP now owns 145,751 shares of the company's stock worth $4,074,000 after acquiring an additional 124,150 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $5,472,000. 41.71% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source