Planet Labs PBC (NYSE:PL) Trading Up 11.5% - Here's Why

Key Points

• Planet Labs shares jumped 11.5% as investors piled into space stocks ahead of SpaceX’s IPO, with trading volume running well above average. The move was also helped by unusually heavy call-option buying, signaling stronger speculative bullishness.
• Analyst sentiment is mixed but generally improved, with several firms raising price targets, including Needham to $53 and Craig Hallum to $49. Even so, the consensus rating remains Hold, and Northland Securities trimmed earnings estimates.
• Recent earnings showed growth but ongoing losses: Planet Labs beat quarterly EPS and revenue expectations, with revenue rising 42.1% year over year. However, the company still posted a negative net margin and analysts expect a full-year loss.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) were up 11.5% during trading on Thursday . The stock traded as high as $34.32 and last traded at $34.2450. Approximately 15,985,863 shares changed hands during trading, an increase of 19% from the average daily volume of 13,399,908 shares. The stock had previously closed at $30.72.

More Planet Labs PBC News

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet Labs is getting a boost from a sector-wide rally in space stocks as investors position ahead of SpaceX’s IPO, supporting demand for shares of PL. Planet Labs Stock Skyrockets Ahead Of SpaceX's Friday IPO
• Positive Sentiment: Traders purchased unusually large volumes of call options on Planet Labs, indicating rising speculative bullishness in the stock. Traders Purchase Large Volume of Call Options on Planet Labs PBC NYSE: PL
• Neutral Sentiment: Planet Labs is also drawing attention from articles focused on its AIRS initiative, which links satellite data to sustainability efforts, but this is more of a long-term thematic story than an immediate market catalyst. Planet Labs Uses AIRS Initiative To Link Satellite Data With Sustainability
• Negative Sentiment: Northland Securities lowered some near- and longer-term earnings estimates for Planet Labs, which could temper enthusiasm around profitability expectations. Analysts Offer Insights on Industrial Goods Companies: Bloom Energy (BE), Equifax (EFX) and Planet Labs PBC (PL)

Analyst Ratings Changes

PL has been the subject of a number of analyst reports. Cantor Fitzgerald boosted their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, March 20th. Craig Hallum boosted their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Citigroup upped their price target on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Weiss Ratings downgraded Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. Finally, Needham & Company LLC lifted their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $35.28.

Planet Labs PBC Stock Performance

The firm's fifty day moving average price is $38.86 and its 200-day moving average price is $28.17. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company has a market cap of $11.85 billion, a P/E ratio of -30.04 and a beta of 1.99.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million during the quarter, compared to analysts' expectations of $90.39 million. The business's revenue was up 42.1% on a year-over-year basis. As a group, research analysts forecast that Planet Labs PBC will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their position. The sale was disclosed in a filing with the SEC, 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 dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 16.42% of the company's stock.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. raised its holdings in shares of Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock worth $38,000 after buying an additional 395 shares in the last quarter. Wellington Shields & Co. LLC boosted its stake in Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company's stock valued at $311,000 after buying an additional 435 shares in the last quarter. Xponance LLC boosted its stake in Planet Labs PBC by 3.1% in the 4th quarter. Xponance LLC now owns 18,656 shares of the company's stock valued at $368,000 after buying an additional 555 shares in the last quarter. Wealthfront Advisers LLC grew its position in Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock valued at $251,000 after acquiring an additional 657 shares during the period. Finally, KBC Group NV raised its stake in Planet Labs PBC by 7.1% during the first quarter. KBC Group NV now owns 9,985 shares of the company's stock worth $279,000 after acquiring an additional 661 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

About Planet Labs PBC

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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