Planet Labs PBC (NYSE:PL) Shares Climb 12.1% - Here's Why

Key Points

• Planet Labs shares rose 12.1% to about $14.07 in Monday mid-day trading, though trading volume was 82% below its average. The article does not identify a specific catalyst for the jump.
• The company beat quarterly expectations, reporting EPS of $0.02 versus consensus for a $0.02 loss and revenue of $116.05 million versus estimates of $104.53 million; revenue grew 58.2% year over year.
• Analyst sentiment is mixed: the consensus rating is Hold, with an average price target of $30.33. Company insiders sold a combined 165,897 shares worth about $2.68 million over the past three months.

Planet Labs PBC (NYSE:PL - Get Free Report) was up 12.1% during mid-day trading on Monday. The company traded as high as $14.02 and last traded at $14.0740. Approximately 2,111,148 shares traded hands during trading, a decline of 82% from the average daily volume of 11,702,918 shares. The stock had previously closed at $12.55.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PL shares. Northland Securities set a $40.00 target price on shares of Planet Labs PBC in a research note on Friday, September 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Barclays assumed coverage on shares of Planet Labs PBC in a report on Friday, October 9th. They issued an "equal weight" rating and a $17.00 price target for the company. Citigroup cut shares of Planet Labs PBC from a "market perform" rating to a "hold" rating in a research report on Friday, September 4th. Finally, New Street Research upgraded shares of Planet Labs PBC from a "sell" rating to a "neutral" rating in a research report on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $30.33.

Planet Labs PBC Stock Performance

The company has a quick ratio of 2.82, a current ratio of 2.84 and a debt-to-equity ratio of 0.79. The stock has a 50 day simple moving average of $15.92 and a two-hundred day simple moving average of $26.25. The stock has a market capitalization of $5.14 billion, a P/E ratio of -12.85 and a beta of 2.27.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%. The business's quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.07) EPS. On average, equities analysts forecast that Planet Labs PBC will post -0.60 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley Johnson sold 55,663 shares of Planet Labs PBC stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $16.96, for a total transaction of $944,044.48. Following the completion of the transaction, the chief financial officer owned 577,915 shares in the company, valued at approximately $9,801,438.40. This trade represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Schingler sold 52,240 shares of the business's stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $885,990.40. Following the transaction, the insider directly owned 170,171 shares in the company, valued at approximately $2,886,100.16. This trade represents a 23.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 165,897 shares of company stock valued at $2,681,988 in the last three months. Corporate insiders own 16.42% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. MSH Capital Advisors LLC bought a new stake in shares of Planet Labs PBC in the third quarter valued at about $426,000. Ariadne Wealth Management LP grew its stake in shares of Planet Labs PBC by 25.7% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company's stock valued at $184,000 after acquiring an additional 2,289 shares in the last quarter. Pier 88 Investment Partners LLC increased its position in Planet Labs PBC by 61.6% during the third quarter. Pier 88 Investment Partners LLC now owns 20,200 shares of the company's stock worth $331,000 after acquiring an additional 7,700 shares during the period. King Luther Capital Management Corp raised its stake in Planet Labs PBC by 203.3% in the 3rd quarter. King Luther Capital Management Corp now owns 1,034,230 shares of the company's stock worth $16,951,000 after purchasing an additional 693,251 shares in the last quarter. Finally, Jacobi Capital Management LLC acquired a new stake in Planet Labs PBC in the 3rd quarter worth about $26,000. 41.71% of the stock is owned by institutional investors and hedge funds.

About Planet Labs PBC

Planet Labs PBC operates a fleet of Earth-observation satellites and provides satellite imagery, geospatial data and analysis tools. Its services help customers monitor changes on the planet and apply that information to planning and decision-making.

The company's products include frequently updated global imagery from its PlanetScope satellites and higher-resolution imagery from its SkySat fleet. Customers can access imagery and data through Planet's online platform and related services, including tools for searching, analyzing and monitoring locations over time.

Planet serves commercial, government and nonprofit customers around the world.

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