Planet Labs PBC (NYSE:PL) Trading Up 10% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s stock price shot up 10% during trading on Wednesday . The stock traded as high as $31.18 and last traded at $30.7420. 17,095,540 shares were traded during trading, an increase of 23% from the average session volume of 13,932,418 shares. The stock had previously closed at $27.95.

Wall Street Analysts Forecast Growth

Several research firms have commented on PL. Cantor Fitzgerald upped their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Citigroup lifted their target price on Planet Labs PBC from $19.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. The Goldman Sachs Group restated a “neutral” rating and issued a $16.40 price target on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Finally, Morgan Stanley lifted their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Planet Labs PBC has an average rating of “Hold” and an average price target of $27.25.

Planet Labs PBC Trading Up 10.0%

The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The company has a market cap of $10.64 billion, a price-to-earnings ratio of -39.41 and a beta of 1.95. The company’s 50 day moving average price is $25.75 and its 200 day moving average price is $19.12.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The company had revenue of $86.82 million for the quarter, compared to the consensus estimate of $78.17 million. The business’s quarterly revenue was up 41.1% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, Director Vijaya Gadde sold 20,000 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the transaction, the director directly owned 250,169 shares of the company’s stock, valued at $6,697,024.13. The trade was a 7.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ashley F. Johnson sold 150,731 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the transaction, the chief financial officer directly owned 1,956,101 shares in the company, valued at $52,834,288.01. This trade represents a 7.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 218,566 shares of company stock worth $5,896,276. 17.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC bought a new stake in shares of Planet Labs PBC during the fourth quarter valued at approximately $8,457,000. Osbon Capital Management LLC acquired a new stake in shares of Planet Labs PBC during the 4th quarter worth about $554,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Planet Labs PBC by 5,433.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 61,860 shares of the company’s stock worth $1,220,000 after buying an additional 60,742 shares in the last quarter. Virtue Capital Management LLC increased its holdings in Planet Labs PBC by 1,837.6% during the 4th quarter. Virtue Capital Management LLC now owns 83,296 shares of the company’s stock valued at $1,700,000 after purchasing an additional 78,997 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Planet Labs PBC by 9.5% in the fourth quarter. Mackenzie Financial Corp now owns 14,631 shares of the company’s stock valued at $288,000 after buying an additional 1,267 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

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.