Planet Labs PBC (NYSE:PL) Issues Quarterly Earnings Results, Hits Expectations

Planet Labs PBC (NYSE:PL) posted its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03), FiscalAI reports. The company had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.00 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.

Planet Labs PBC Trading Up 0.7%

Shares of PL traded up $0.32 during trading hours on Thursday, hitting $43.45. The company had a trading volume of 16,707,417 shares, compared to its average volume of 12,934,354. The firm has a market cap of $15.04 billion, a P/E ratio of -55.70 and a beta of 1.99. The stock’s 50 day moving average price is $38.62 and its 200 day moving average price is $27.37. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a 52-week low of $4.90 and a 52-week high of $51.76.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. Needham & Company LLC lifted their price target on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Weiss Ratings lowered Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price target on Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $30.61.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 16.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PL. AQR Capital Management LLC increased its holdings in shares of Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock worth $313,000 after buying an additional 80,672 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Planet Labs PBC in the first quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after buying an additional 8,143 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after buying an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of Planet Labs PBC in the second quarter worth about $121,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

About Planet Labs PBC

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.