Planet Labs PBC (NYSE:PL) Shares Gap Down After Earnings Miss

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 before the market opened 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) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The company had revenue of $73.39 million during the quarter, compared to analyst estimates of $65.88 million. During the same quarter last year, the company posted ($0.06) EPS. The firm's quarterly 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

A number of research analysts have issued reports on PL shares. JMP Securities increased 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. 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. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research report on Monday, June 30th. They set a "neutral" rating and a $4.60 target price on the stock. Needham & Company LLC increased 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. Finally, Citigroup increased 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. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.56.

Institutional Trading of Planet Labs PBC

Several large investors have recently made changes to their positions in PL. Price T Rowe Associates Inc. MD boosted its position in shares of Planet Labs PBC by 18.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 84,803 shares of the company's stock worth $343,000 after acquiring an additional 13,414 shares in the last quarter. Northern Trust Corp boosted its position in shares of Planet Labs PBC by 8.0% during the 4th 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 in the last quarter. Algert Global LLC acquired a new stake in shares of Planet Labs PBC during the 4th quarter worth approximately $490,000. BNP Paribas Financial Markets acquired a new stake in shares of Planet Labs PBC during the 4th quarter worth approximately $110,000. Finally, Bank of America Corp DE boosted its position in shares of Planet Labs PBC by 55.2% during the 4th 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 in the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Trading Down 4.2%

The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -25.69 and a beta of 1.81. The company's 50-day moving average is $6.67 and its 200-day moving average is $4.98.

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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