Planet Labs PBC (NYSE:PL) Announces Earnings Results, Misses Estimates By $0.03 EPS

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) posted its earnings results on Monday. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03), RTT News reports. Planet Labs PBC had a negative return on equity of 23.36% and a negative net margin of 42.58%.During the same period in the previous year, the company posted ($0.06) EPS. The company's quarterly revenue was up 20.1% on a year-over-year basis.

Planet Labs PBC Trading Up 1.1%

Shares of PL stock opened at $6.53 on Monday. Planet Labs PBC has a 12-month low of $1.76 and a 12-month high of $7.72. The business's fifty day simple moving average is $6.60 and its 200-day simple moving average is $4.94. The company has a market cap of $1.98 billion, a PE ratio of -18.15 and a beta of 1.81.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PL. Canada Pension Plan Investment Board lifted its position in shares of Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock valued at $47,704,000 after acquiring an additional 20,400 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Planet Labs PBC by 54.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after purchasing an additional 653,173 shares in the last quarter. Marshall Wace LLP boosted its stake in Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after purchasing an additional 1,494,744 shares during 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 raised its position 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 last quarter. Hedge funds and other institutional investors own 41.71% of the company's stock.

Wall Street Analyst Weigh In

PL has been the topic of a number of analyst reports. The Goldman Sachs Group initiated coverage on Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price target on the stock. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Citigroup lifted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. JMP Securities upped their price target on shares of Planet Labs PBC from $6.50 to $8.00 and gave the stock a "market outperform" rating in a research note on Tuesday, July 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.86.

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.