Planet Labs PBC (NYSE:PL) Shares Gap Down on Disappointing Earnings

Key Points

• Planet Labs PBC shares gapped down from $9.66 to $8.64 after the company's quarterly earnings missed expectations, reporting a loss of ($0.07) per share against a consensus estimate of ($0.04).
• The company achieved revenue of $73.39 million, exceeding analyst estimates of $65.88 million, marking a year-over-year growth of 20.1%.
• Several analysts have increased their target prices for Planet Labs, with JMP Securities raising it from $8.00 to $11.00 and Needham increasing theirs from $8.00 to $12.00, reflecting overall positive sentiment despite recent earnings concerns.

Planet Labs PBC (NYSE:PL - Get Free Report) shares gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $9.66, but opened at $8.64. Planet Labs PBC shares last traded at $9.25, with a volume of 10,285,448 shares changing hands.

The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%. The company had revenue of $73.39 million during the quarter, compared to analysts' expectations of $65.88 million. During the same period last year, the firm earned ($0.06) earnings per share. Planet Labs PBC's revenue was up 20.1% on a year-over-year basis. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS.

Wall Street Analyst Weigh In

PL has been the subject of several analyst reports. Cantor Fitzgerald reissued an "overweight" rating and set a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wall Street Zen raised shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Citigroup reissued an "outperform" rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. The Goldman Sachs Group began coverage on shares of Planet Labs PBC in a report on Monday, June 30th. They set a "neutral" rating and a $4.60 price target for the company. Finally, JMP Securities upped their target price on shares of Planet Labs PBC from $8.00 to $11.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 9th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Planet Labs PBC has an average rating of "Moderate Buy" and a consensus price target of $7.56.

Institutional Trading of Planet Labs PBC

A number of hedge funds have recently bought and sold shares of PL. Northern Trust Corp boosted its position in Planet Labs PBC by 8.0% during the fourth quarter. Northern Trust Corp now owns 1,966,504 shares of the company's stock worth $7,945,000 after acquiring an additional 145,123 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $110,000. Bank of America Corp DE boosted its position in Planet Labs PBC by 55.2% during the fourth quarter. Bank of America Corp DE now owns 225,219 shares of the company's stock worth $910,000 after acquiring an additional 80,117 shares during the last quarter. Cetera Investment Advisers acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $46,000. Finally, Deutsche Bank AG boosted its position in Planet Labs PBC by 48.9% during the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock worth $842,000 after acquiring an additional 68,465 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Price Performance

The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -32.52 and a beta of 1.81. The stock's 50-day moving average is $6.90 and its 200-day moving average is $5.11.

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.