Analysts Set Planet Labs PBC (NYSE:PL) Price Target at $35.36

Shares of Planet Labs PBC (NYSE:PL) have been assigned an average recommendation of “Hold” from the twelve analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $35.3583.

PL has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Craig Hallum increased their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a report on Monday, June 15th. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Finally, Wedbush initiated coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target on the stock.

Insiders Place Their Bets

In other news, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director directly owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. The trade was a 14.89% 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. Also, CFO Ashley F. Johnson sold 75,035 shares of the firm’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total value of $1,656,772.80. Following the completion of the sale, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at $24,997,253.76. The trade was a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 171,122 shares of company stock worth $4,148,906. 16.42% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. boosted its stake in Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after acquiring an additional 395 shares in the last quarter. Wellington Shields & Co. LLC grew its holdings in Planet Labs PBC by 2.8% in the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after purchasing an additional 435 shares during the period. Xponance LLC increased its stake in shares of Planet Labs PBC by 3.1% during the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock valued at $368,000 after purchasing an additional 555 shares in the last quarter. Wealthfront Advisers LLC increased its stake in shares of Planet Labs PBC by 5.4% during the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after purchasing an additional 657 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Planet Labs PBC by 7.1% during the first quarter. KBC Group NV now owns 9,985 shares of the company’s stock valued at $279,000 after purchasing an additional 661 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Stock Up 0.2%

Shares of NYSE:PL opened at $20.02 on Monday. The stock has a market capitalization of $7.14 billion, a P/E ratio of -17.56 and a beta of 2.11. The stock’s 50-day moving average price is $24.49 and its 200-day moving average price is $30.19. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12-month low of $6.26 and a 12-month high of $51.76.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share 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 company had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The company’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities analysts anticipate that Planet Labs PBC will post -0.92 earnings per share for the current year.

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.