Planet Labs PBC (NYSE:PL) Sets New 1-Year High - Here's What Happened

Key Points

• Planet Labs PBC's stock reached a new 52-week high of $8.12 during trading, with a closing price of $7.75 and a trading volume of over 6.5 million shares.
• Multiple analysts have raised their price targets for the stock, with JMP Securities setting a new target of $8.00 and a consensus rating of "Moderate Buy" from research analysts.
• Despite reporting a quarterly loss with earnings per share of ($0.07), Planet Labs PBC saw a year-over-year revenue increase of 20.1% and has considerable interest from institutional investors, owning 41.71% of its stock.

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $8.12 and last traded at $7.75, with a volume of 6536844 shares changing hands. The stock had previously closed at $6.53.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of analyst reports. Wedbush boosted their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Needham & Company LLC boosted their price objective on Planet Labs PBC from $8.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. The Goldman Sachs Group initiated coverage on Planet Labs PBC in a research report on Monday, June 30th. They set a "neutral" rating and a $4.60 price objective for the company. Finally, JMP Securities boosted their price target on Planet Labs PBC from $8.00 to $11.00 and gave the stock a "market outperform" rating in a research report on Tuesday. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of "Moderate Buy" and an average target price of $7.56.

Planet Labs PBC Trading Up 0.9%

The stock has a 50-day simple moving average of $6.90 and a 200-day simple moving average of $5.10. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -32.52 and a beta of 1.81.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings results on Monday, September 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The business had revenue of $73.39 million for the quarter, compared to analyst estimates of $65.88 million. During the same quarter last year, the firm posted ($0.06) EPS. The company's revenue was up 20.1% compared to the same quarter last year. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, research analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently modified their holdings of PL. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Planet Labs PBC by 245.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company's stock valued at $14,964,000 after buying an additional 1,743,474 shares during the period. Marshall Wace LLP lifted its holdings in shares of Planet Labs PBC by 10,305.7% in the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock valued at $9,206,000 after buying an additional 1,494,744 shares during the period. Jump Financial LLC acquired a new stake in shares of Planet Labs PBC in the second quarter valued at $7,723,000. Bank of America Corp DE lifted its holdings in shares of Planet Labs PBC by 477.9% in the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock valued at $8,233,000 after buying an additional 1,116,055 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Planet Labs PBC by 415.4% in the second quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company's stock valued at $8,091,000 after buying an additional 1,068,978 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Company 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.