Planet Labs PBC (NYSE:PL) Sees Large Increase in Short Interest

Key Points

• Planet Labs PBC experienced a significant increase in short interest of 69.5% in September, totaling 29.24 million shares, with a days-to-cover ratio of 2.6 days.
• Institutional investors own 41.71% of Planet Labs PBC, with several hedge funds making substantial investments in the second quarter of 2023.
• Despite missing EPS estimates for the last quarter, the company reported a revenue increase of 20.1% year-over-year, reaching $73.39 million.

Planet Labs PBC (NYSE:PL - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 29,240,000 shares, a growth of 69.5% from the August 31st total of 17,250,000 shares. Based on an average daily volume of 11,050,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 13.0% of the shares of the stock are short sold. Currently, 13.0% of the shares of the stock are short sold. Based on an average daily volume of 11,050,000 shares, the days-to-cover ratio is currently 2.6 days.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. raised its position in shares of Planet Labs PBC by 64.3% in the 2nd quarter. Osaic Holdings Inc. now owns 15,588 shares of the company's stock valued at $95,000 after purchasing an additional 6,101 shares in the last quarter. American Trust bought a new stake in shares of Planet Labs PBC in the second quarter worth $103,000. Tower Research Capital LLC TRC raised its holdings in Planet Labs PBC by 2,119.3% in the second quarter. Tower Research Capital LLC TRC now owns 107,103 shares of the company's stock valued at $653,000 after acquiring an additional 102,277 shares in the last quarter. Oxford Asset Management LLP bought a new position in Planet Labs PBC during the 2nd quarter valued at $70,000. Finally, HRT Financial LP acquired a new position in Planet Labs PBC during the 2nd quarter worth $3,305,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

Planet Labs PBC stock traded down $0.07 during midday trading on Monday, hitting $15.24. 16,817,570 shares of the company were exchanged, compared to its average volume of 19,936,812. Planet Labs PBC has a fifty-two week low of $2.06 and a fifty-two week high of $15.89. The company's fifty day moving average price is $8.51 and its 200-day moving average price is $5.94.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $73.39 million for the quarter, compared to analysts' expectations of $65.88 million. Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%. The company's revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) EPS. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PL. JMP Securities lifted their price target on shares of Planet Labs PBC from $8.00 to $11.00 and gave the stock a "market outperform" rating in a report on Tuesday, September 9th. Needham & Company LLC raised their target price on shares of Planet Labs PBC from $8.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wedbush raised their price objective on Planet Labs PBC from $11.00 to $17.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Citigroup reaffirmed an "outperform" rating on shares of Planet Labs PBC in a research report on Tuesday, September 9th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Planet Labs PBC presently has a consensus rating of "Moderate Buy" and an average target price of $8.56.

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.

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