Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume After Analyst Upgrade

Key Points

• Planet Labs PBC experienced a significant increase in trading volume, with over 9.2 million shares traded after JMP Securities raised its price target from $8.00 to $11.00.
• Several brokerages have increased their target prices for the stock, with Needham & Company issuing a buy rating and a target of $12.00, showcasing strong analyst support.
• The company's latest earnings report revealed a revenue of $73.39 million, surpassing estimates but missing on EPS, which has implications for its financial health and market perception.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) saw strong trading volume on Wednesday after JMP Securities raised their price target on the stock from $8.00 to $11.00. JMP Securities currently has a market outperform rating on the stock. 9,260,636 shares were traded during trading, an increase of 27% from the previous session's volume of 7,299,225 shares.The stock last traded at $8.99 and had previously closed at $9.02.

Several other brokerages also recently commented on PL. Needham & Company LLC raised their target price on Planet Labs PBC from $8.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday. Citigroup lifted their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wedbush lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. The Goldman Sachs Group assumed coverage on shares of Planet Labs PBC in a report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price target on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $8.50 target price (up previously from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Planet Labs PBC presently has an average rating of "Moderate Buy" and a consensus target price of $7.56.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Planet Labs PBC during the first quarter worth about $115,000. Rhumbline Advisers increased its stake in shares of Planet Labs PBC by 2.3% during the first quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock valued at $994,000 after purchasing an additional 6,692 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Planet Labs PBC by 1,316.8% during the first quarter. Principal Financial Group Inc. now owns 167,362 shares of the company's stock valued at $566,000 after purchasing an additional 155,549 shares in the last quarter. Deutsche Bank AG increased its position in shares of Planet Labs PBC by 48.9% during the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock valued at $842,000 after acquiring an additional 68,465 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Planet Labs PBC by 220.5% during the first quarter. Vontobel Holding Ltd. now owns 45,143 shares of the company's stock valued at $153,000 after acquiring an additional 31,057 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Price Performance

The company has a market cap of $2.69 billion, a P/E ratio of -29.59 and a beta of 1.81. The company's 50-day moving average is $6.73 and its two-hundred day moving average is $5.00.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its earnings results on Monday, September 8th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). The company had revenue of $73.39 million during the quarter, compared to the consensus estimate of $65.88 million. Planet Labs PBC had a negative return on equity of 20.09% and a negative net margin of 34.46%.The company's revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the firm posted ($0.06) EPS. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. Equities research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

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.

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