Planet Labs PBC (NYSE:PL) Shares Up 13.4% – Time to Buy?

Planet Labs PBC (NYSE:PL)’s share price rose 13.4% during mid-day trading on Wednesday . The stock traded as high as $36.16 and last traded at $36.10. Approximately 7,158,984 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 13,336,483 shares. The stock had previously closed at $31.83.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald lifted their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. National Bank Financial set a $12.30 price target on Planet Labs PBC in a research report on Tuesday, December 16th. Northland Securities set a $28.00 price objective on Planet Labs PBC in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Wedbush upped their price target on shares of Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $26.43.

Planet Labs PBC Stock Performance

The stock has a 50 day moving average of $25.46 and a two-hundred day moving average of $18.37. The stock has a market capitalization of $11.34 billion, a PE ratio of -46.37 and a beta of 1.95. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64.

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

Insider Activity at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total value of $4,071,244.31. Following the completion of the transaction, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at $52,834,288.01. This trade represents a 7.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert H. Schingler sold 73,782 shares of Planet Labs PBC stock in a transaction on Friday, December 26th. The stock was sold at an average price of $19.35, for a total value of $1,427,681.70. Following the transaction, the insider directly owned 1,164,729 shares of the company’s stock, valued at approximately $22,537,506.15. This represents a 5.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 292,348 shares of company stock valued at $7,323,958 in the last 90 days. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Large investors have recently bought and sold shares of the company. New York State Common Retirement Fund grew its stake in Planet Labs PBC by 45.3% in the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock valued at $2,627,000 after acquiring an additional 63,088 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in Planet Labs PBC during the third quarter worth about $13,564,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Planet Labs PBC during the second quarter worth about $1,947,000. Oppenheimer & Co. Inc. lifted its holdings in shares of Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock valued at $25,988,000 after purchasing an additional 851,937 shares in the last quarter. Finally, Ranger Investment Management L.P. purchased a new stake in shares of Planet Labs PBC in the third quarter valued at about $2,688,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.