Planet Labs PBC Target of Unusually High Options Trading (NYSE:PL)

Key Points

• Planet Labs PBC experienced an **unusual spike** in options trading, with investors purchasing **11,352 call options**, a 70% increase over the average daily volume.
• Analysts have set a consensus rating of **"Moderate Buy"** for Planet Labs PBC, with an average price target of **$6.86**, reflecting growing optimism among investors.
• The company reported a **quarterly revenue of $66.27 million** and a narrower loss per share of **($0.04)**, exceeding analysts' expectations.

Planet Labs PBC (NYSE:PL - Get Free Report) was the target of unusually large options trading activity on Monday. Investors bought 11,352 call options on the stock. Thisrepresentsanincreaseofapproximately70% compared to the average daily volume of 6,674 call options.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PL. The Goldman Sachs Group began coverage on shares of Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price objective on the stock. Wall Street Zen raised shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. JMP Securities increased their price objective on shares of Planet Labs PBC from $6.50 to $8.00 and gave the company a "market outperform" rating in a research report on Tuesday, July 22nd. Finally, Wedbush increased their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of "Moderate Buy" and an average price target of $6.86.

Planet Labs PBC Price Performance

Shares of NYSE:PL traded up $0.07 during mid-day trading on Monday, hitting $6.85. The company had a trading volume of 5,658,899 shares, compared to its average volume of 6,746,464. The firm has a fifty day moving average price of $6.21 and a 200 day moving average price of $4.87. The company has a market capitalization of $2.08 billion, a PE ratio of -19.03 and a beta of 1.80. Planet Labs PBC has a one year low of $1.76 and a one year high of $7.72.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The business had revenue of $66.27 million during the quarter, compared to analyst estimates of $62.25 million. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. Research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Planet Labs PBC during the first quarter worth about $115,000. Rhumbline Advisers increased its holdings in Planet Labs PBC by 2.3% during the first quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock worth $994,000 after buying an additional 6,692 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Planet Labs PBC by 1,316.8% during the first quarter. Principal Financial Group Inc. now owns 167,362 shares of the company's stock worth $566,000 after buying an additional 155,549 shares during the last quarter. Deutsche Bank AG increased its holdings in Planet Labs PBC by 48.9% during the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock worth $842,000 after buying an additional 68,465 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its holdings in Planet Labs PBC by 220.5% during the first quarter. Vontobel Holding Ltd. now owns 45,143 shares of the company's stock worth $153,000 after buying an additional 31,057 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company's stock.

Planet Labs PBC Company Profile

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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