Planet Labs PBC (NYSE:PL) Stock Price Up 2.1% - Here's Why

Key Points

• Planet Labs PBC shares rose 2.1% in Friday trading, with volume surging to more than 43.9 million shares, far above the stock’s average daily volume.
• Several analysts raised their price targets on the stock, including Cantor Fitzgerald, Citigroup, Craig Hallum, Wedbush, and Morgan Stanley. The current consensus rating is Hold, with an average price target of $35.11.
• The company recently reported quarterly results that beat expectations, posting a smaller-than-expected loss and stronger-than-expected revenue growth of 42.1% year over year. Despite that, Planet Labs still showed negative profitability metrics and analysts expect a loss for the current fiscal year.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) shot up 2.1% during mid-day trading on Friday . The stock traded as high as $28.69 and last traded at $27.0680. 43,904,184 shares traded hands during mid-day trading, an increase of 219% from the average daily volume of 13,744,298 shares. The stock had previously closed at $26.51.

Analyst Ratings Changes

A number of analysts have weighed in on PL shares. Cantor Fitzgerald increased their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, March 20th. Citigroup boosted their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Craig Hallum upped their price target on Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Wedbush reaffirmed an "outperform" rating and set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Finally, Morgan Stanley lifted their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $35.11.

Planet Labs PBC Stock Performance

The stock's 50-day moving average is $37.75 and its 200 day moving average is $29.49. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of -23.74 and a beta of 1.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The business had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.Planet Labs PBC's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the firm's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the sale, the insider owned 256,488 shares of the company's stock, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 16.42% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PL. Western Wealth Management LLC acquired a new stake in shares of Planet Labs PBC during the 1st quarter valued at approximately $28,000. Oddo BHF Asset Management Sas acquired a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $5,472,000. Amundi grew its holdings in shares of Planet Labs PBC by 30.7% in the 1st quarter. Amundi now owns 20,280 shares of the company's stock worth $567,000 after acquiring an additional 4,765 shares during the period. EverSource Wealth Advisors LLC increased its stake in Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company's stock valued at $83,000 after purchasing an additional 2,102 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in Planet Labs PBC by 22.6% during the first quarter. California State Teachers Retirement System now owns 285,952 shares of the company's stock worth $7,992,000 after purchasing an additional 52,806 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.