Investors Buy Large Volume of Planet Labs PBC Call Options (NYSE:PL)

Planet Labs PBC (NYSE:PL - Get Free Report) was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 65,973 call options on the stock. This is an increase of 1,692% compared to the average volume of 3,681 call options.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PL. Wedbush increased their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday. The Goldman Sachs Group reiterated a "neutral" rating and issued a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Cantor Fitzgerald restated an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Planet Labs PBC has a consensus rating of "Moderate Buy" and an average target price of $6.18.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Planet Labs PBC by 1.6% during the first quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company's stock valued at $54,802,000 after buying an additional 261,171 shares during the period. Geode Capital Management LLC lifted its stake in shares of Planet Labs PBC by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company's stock worth $19,961,000 after buying an additional 69,245 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Planet Labs PBC by 14.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company's stock valued at $8,399,000 after acquiring an additional 261,958 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after acquiring an additional 1,013,234 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Planet Labs PBC by 8.0% during the 4th quarter. Northern Trust Corp now owns 1,966,504 shares of the company's stock valued at $7,945,000 after acquiring an additional 145,123 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Up 0.9%

NYSE PL traded up $0.06 during trading hours on Friday, reaching $6.02. 8,452,028 shares of the company were exchanged, compared to its average volume of 4,098,813. Planet Labs PBC has a 1 year low of $1.73 and a 1 year high of $6.71. The business's 50 day simple moving average is $3.56 and its 200-day simple moving average is $4.14. The stock has a market capitalization of $1.82 billion, a P/E ratio of -14.57 and a beta of 1.61.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The company had revenue of $66.27 million during the quarter, compared to analysts' expectations of $62.25 million. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

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.