Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume Following Earnings Beat

Planet Labs PBC (NYSE:PL - Get Free Report) saw unusually-strong trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 29,678,393 shares were traded during trading, an increase of 655% from the previous session's volume of 3,932,852 shares.The stock last traded at $6.31 and had previously closed at $3.99.

The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The company had revenue of $66.27 million for the quarter, compared to analysts' expectations of $62.25 million.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PL. Benchmark upped their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Wedbush upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday. Needham & Company LLC reissued a "buy" rating and set a $8.00 price target on shares of Planet Labs PBC in a research report on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $6.30 target price on shares of Planet Labs PBC in a report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $6.18.

Institutional Trading of Planet Labs PBC

A number of large investors have recently made changes to their positions in PL. Rhumbline Advisers lifted its position in shares of Planet Labs PBC by 2.3% during the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock worth $994,000 after buying an additional 6,692 shares during the last quarter. Strs Ohio purchased a new position in shares of Planet Labs PBC in the 1st quarter valued at $323,000. Iron Gate Global Advisors LLC purchased a new position in Planet Labs PBC during the 1st quarter worth $36,000. Integrity Alliance LLC. purchased a new stake in shares of Planet Labs PBC in the first quarter valued at about $48,000. Finally, Arete Wealth Advisors LLC boosted its holdings in shares of Planet Labs PBC by 21.0% in the first quarter. Arete Wealth Advisors LLC now owns 153,479 shares of the company's stock valued at $519,000 after acquiring an additional 26,625 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Up 50.0%

The firm has a market cap of $1.81 billion, a PE ratio of -14.60 and a beta of 1.61. The company's fifty day moving average price is $3.56 and its two-hundred day moving average price is $4.14.

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.