Planet Labs PBC (NYSE:PL) Stock Rated “Hold” by Wall Street Brokerages

Shares of Planet Labs PBC (NYSE:PL) have been given a consensus recommendation of “Hold” by the fourteen research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $30.33.

Several analysts have weighed in on the stock. Citizens Jmp reissued a “market perform” rating on shares of Planet Labs PBC in a research note on Friday, September 4th. Berenberg Bank started coverage on Planet Labs PBC in a research note on Wednesday, September 2nd. They set a “buy” rating and a $25.00 price objective on the stock. Needham & Company LLC decreased their price objective on Planet Labs PBC from $53.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, September 4th. Craig Hallum set a $35.00 target price on Planet Labs PBC in a research note on Friday, September 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Friday, September 11th.

Planet Labs PBC Stock Performance

NYSE:PL opened at $14.40 on Friday. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -13.09 and a beta of 2.27. The business has a 50 day moving average of $15.60 and a 200 day moving average of $26.06. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76.

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

Insider Transactions at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 55,663 shares of Planet Labs PBC stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $944,044.48. Following the transaction, the chief financial officer directly owned 577,915 shares of the company’s stock, valued at $9,801,438.40. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total transaction of $98,903.62. Following the sale, the director directly owned 30,620 shares of the company’s stock, valued at $466,342.60. The trade was a 17.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 165,897 shares of company stock valued at $2,681,988. Insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Planet Labs PBC during the 3rd quarter valued at about $34,237,000. Tema ETFs LLC raised its position in Planet Labs PBC by 75,804.6% during the 2nd quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock valued at $52,709,000 after purchasing an additional 1,588,864 shares during the last quarter. Tidal Investments LLC lifted its holdings in Planet Labs PBC by 5,339.2% in the 2nd quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock worth $52,710,000 after buying an additional 1,561,769 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after buying an additional 861,306 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Planet Labs PBC in the 2nd quarter worth approximately $25,701,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.