Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Wedbush Analyst Says

Key Points

• Wedbush raised its price target on Planet Labs to $28 and kept an "outperform" rating, implying roughly a 9.95% upside from the prior close.
• Analyst views are mixed: the MarketBeat consensus is a "Hold" with an average target of $15.41 (8 Buys, 4 Holds, 2 Sells), showing wide disagreement on the stock's outlook.
• Fundamentals are mixed — Planet missed EPS (‑$0.19 vs. ‑$0.02 consensus) but reported revenue of $81.25M, up 32.6% YoY; the company remains unprofitable (net margin ‑45.87%) while shares trade near a 12‑month high (~$25.50) with a market cap of about $8B.

Planet Labs PBC (NYSE:PL - Get Free Report) had its price objective upped by research analysts at Wedbush from $20.00 to $28.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's target price suggests a potential upside of 9.95% from the stock's previous close.

A number of other brokerages also recently issued reports on PL. Citizens Jmp downgraded shares of Planet Labs PBC from an "outperform" rating to a "market perform" rating in a research report on Tuesday, October 21st. Zacks Research cut shares of Planet Labs PBC from a "hold" rating to a "strong sell" rating in a report on Monday, December 22nd. Morgan Stanley boosted their price target on shares of Planet Labs PBC from $4.50 to $20.00 and gave the stock an "equal weight" rating in a report on Friday, December 12th. Northland Securities set a $17.00 target price on Planet Labs PBC in a research report on Thursday, December 11th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $15.41.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock opened at $25.47 on Tuesday. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $7.99 billion, a price-to-earnings ratio of -60.63 and a beta of 1.94. The company has a 50-day simple moving average of $15.80 and a two-hundred day simple moving average of $11.59. Planet Labs PBC has a twelve month low of $2.79 and a twelve month high of $25.56.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.17). The firm had revenue of $81.25 million during the quarter, compared to the consensus estimate of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. Planet Labs PBC's quarterly revenue was up 32.6% on a year-over-year basis. Analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,782 shares of the company's stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $19.35, for a total value of $1,427,681.70. Following the transaction, the insider directly owned 1,164,729 shares in the company, valued at approximately $22,537,506.15. This represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.53% of the company's stock.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently bought and sold shares of PL. Wealth Enhancement Advisory Services LLC grew its holdings in Planet Labs PBC by 2.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company's stock worth $406,000 after acquiring an additional 781 shares during the last quarter. Victory Capital Management Inc. raised its stake in Planet Labs PBC by 3.6% during the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company's stock valued at $336,000 after buying an additional 896 shares during the last quarter. Ariadne Wealth Management LP raised its holdings in Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company's stock worth $145,000 after buying an additional 905 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in shares of Planet Labs PBC by 4.5% during the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company's stock valued at $281,000 after buying an additional 925 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in shares of Planet Labs PBC by 0.8% during the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company's stock valued at $1,908,000 after purchasing an additional 1,114 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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