Planet Labs PBC (NYSE:PL) Announces Earnings Results

Key Points

• Planet Labs PBC reported an earnings per share (EPS) of ($0.07), missing analysts' expectations by $0.04, with a negative return on equity of 23.36% and a negative net margin of 42.58%.
• The stock saw an increase of 1.1% on the day of the earnings release, with a market cap of $1.98 billion and varied price targets from analysts, including a target of $8.50 from Cantor Fitzgerald.
• Institutional investors have been actively buying shares, with significant increases in holdings from several large investors during the second quarter of the year.

Planet Labs PBC (NYSE:PL - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03), RTT News reports. Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%. The firm had revenue of $73.39 million for the quarter, compared to analyst estimates of $65.88 million. During the same period last year, the company earned ($0.06) EPS. The company's revenue was up 20.1% compared to the same quarter last year. Planet Labs PBC updated its FY 2026 guidance to EPS and its Q3 2026 guidance to EPS.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock traded up $0.09 during trading hours on Friday, hitting $9.76. The company's stock had a trading volume of 14,933,629 shares, compared to its average volume of 13,245,419. Planet Labs PBC has a 12 month low of $2.02 and a 12 month high of $10.08. The stock has a 50 day moving average of $6.90 and a 200 day moving average of $5.10. The company has a market capitalization of $2.96 billion, a PE ratio of -32.52 and a beta of 1.81.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PL. Canada Pension Plan Investment Board grew its holdings in shares of Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock worth $47,704,000 after buying an additional 20,400 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after buying an additional 653,173 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Planet Labs PBC by 10,305.7% during the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after buying an additional 1,494,744 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Planet Labs PBC by 477.9% during the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock worth $8,233,000 after buying an additional 1,116,055 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Planet Labs PBC by 415.4% during the second quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company's stock worth $8,091,000 after buying an additional 1,068,978 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PL shares. Citigroup reiterated an "outperform" rating on shares of Planet Labs PBC in a report on Tuesday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.50 price objective (up previously from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Needham & Company LLC upped their price objective on Planet Labs PBC from $8.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, Wedbush upped their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $7.56.

About Planet Labs PBC

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.