Planet Labs PBC (NYSE:PL) Trading 6.7% Higher – Here’s Why

Planet Labs PBC (NYSE:PL) shares were up 6.7% on Thursday . The stock traded as high as $12.72 and last traded at $12.8190. Approximately 1,394,030 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 8,315,139 shares. The stock had previously closed at $12.01.

Analysts Set New Price Targets

Several brokerages recently issued reports on PL. Wedbush lifted their price objective on shares of Planet Labs PBC from $11.00 to $17.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Wednesday, October 8th. Citigroup restated an “outperform” rating on shares of Planet Labs PBC in a research note on Tuesday, September 9th. JMP Securities reaffirmed a “market perform” rating on shares of Planet Labs PBC in a research report on Tuesday, October 21st. Finally, Cantor Fitzgerald boosted their target price on shares of Planet Labs PBC from $8.50 to $20.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.26.

Planet Labs PBC Stock Up 9.5%

The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of -43.82 and a beta of 2.00. The company’s 50 day moving average price is $12.99 and its 200 day moving average price is $8.79.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Monday, September 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The firm had revenue of $73.39 million during the quarter, compared to analysts’ expectations of $65.88 million. During the same quarter last year, the business earned ($0.06) EPS. The business’s revenue was up 20.1% on a year-over-year basis. As a group, analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Activity

In related news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares of the company’s stock, valued at $19,977,066.50. The trade was a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.53% of the stock is currently owned by insiders.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Planet Labs PBC by 2.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after purchasing an additional 781 shares during the last quarter. Victory Capital Management Inc. grew its position in Planet Labs PBC by 3.6% during the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock worth $336,000 after purchasing an additional 896 shares during the period. Ariadne Wealth Management LP raised its stake in shares of Planet Labs PBC by 8.8% during the 3rd quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after buying an additional 905 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Planet Labs PBC by 4.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock valued at $281,000 after buying an additional 925 shares during the period. Finally, 180 Wealth Advisors LLC boosted its stake in shares of Planet Labs PBC by 0.8% in the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock worth $1,908,000 after buying an additional 1,114 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.