Planet Labs PBC (NYSE:PL) Now Covered by Wedbush

Equities research analysts at Wedbush started coverage on shares of Planet Labs PBC (NYSE:PL) in a note issued to investors on Wednesday. The brokerage set an “outperform” rating and a $50.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 50.43% from the company’s previous close.

A number of other equities analysts have also issued reports on PL. New Street Research assumed coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 target price on the stock. Citigroup increased their price target on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a report on Monday, June 15th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Stock Up 0.3%

NYSE PL traded up $0.11 on Wednesday, hitting $33.24. 995,657 shares of the stock were exchanged, compared to its average volume of 13,724,265. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a fifty-two week low of $5.87 and a fifty-two week high of $51.76. The company has a market cap of $11.85 billion, a PE ratio of -29.37 and a beta of 1.99. The company has a 50-day moving average price of $37.32 and a 200-day moving average price of $29.86.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The business’s revenue was up 42.1% on a year-over-year basis. Sell-side analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

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

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in PL. Van ECK Associates Corp raised its holdings in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after purchasing an additional 5,851,758 shares in the last quarter. Barclays PLC boosted its holdings in Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after purchasing an additional 3,293,333 shares in the last quarter. Invesco Ltd. boosted its holdings in Planet Labs PBC by 265.6% in the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after purchasing an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP increased its position in Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after purchasing an additional 1,701,535 shares during the period. Finally, Marshall Wace LLP increased its position in Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock worth $9,206,000 after purchasing an additional 1,494,744 shares during the period. 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.