Planet Labs PBC (NYSE:PL) Trading Up 5.9% - Here's What Happened

Key Points

• Planet Labs shares rose 5.9% in Tuesday trading, reaching an intraday high of $33.85 on volume above its daily average. The stock last traded at $33.11, up from the prior close of $31.28.
• Recent analyst updates were mixed but generally supportive, with Citigroup, Needham, and Craig Hallum all raising price targets and issuing buy ratings. Still, the broader consensus remains Hold with an average target price of $35.11.
• The company’s latest earnings beat expectations, reporting a smaller-than-expected loss of $0.03 per share on revenue of $94.15 million, up 42.1% year over year. Insider sales by the CFO and another executive also stood out, while institutional investors continue to hold a sizable stake in the stock.

Planet Labs PBC (NYSE:PL - Get Free Report) shares traded up 5.9% during mid-day trading on Tuesday . The company traded as high as $33.85 and last traded at $33.1130. Approximately 15,195,562 shares were traded during trading, an increase of 10% from the average daily volume of 13,829,069 shares. The stock had previously closed at $31.28.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PL. Citigroup upped 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. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, June 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $22.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 11th. Craig Hallum upped their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Finally, Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $35.11.

Planet Labs PBC Stock Performance

The company has a 50-day moving average price of $37.43 and a two-hundred day moving average price of $29.72. 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 stock has a market capitalization of $11.80 billion, a P/E ratio of -29.05 and a beta of 1.99.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The firm's quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 that occurred on 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 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. The SEC filing for this sale provides additional information. 16.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp grew its holdings in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock worth $151,429,000 after purchasing an additional 5,851,758 shares during the period. Barclays PLC raised its holdings in shares of Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company's stock valued at $48,386,000 after purchasing an additional 3,293,333 shares during the period. Invesco Ltd. boosted its position in shares of Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock worth $44,787,000 after purchasing an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company's stock worth $30,662,000 after purchasing an additional 1,701,535 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Planet Labs PBC by 10,305.7% in the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock valued at $9,206,000 after buying an additional 1,494,744 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

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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