Planet Labs PBC (NYSE:PL) Shares Up 12.1% – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) traded up 12.1% on Monday. The stock traded as high as $14.02 and last traded at $14.0740. Approximately 2,111,148 shares were traded during mid-day trading, a decline of 82% from the average session volume of 11,702,918 shares. The stock had previously closed at $12.55.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PL shares. Morgan Stanley decreased their price target on Planet Labs PBC from $35.00 to $19.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. Craig Hallum set a $35.00 target price on shares of Planet Labs PBC in a research report on Friday, September 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Friday, September 11th. Berenberg Bank assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.33.

Planet Labs PBC Stock Down 0.8%

The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $5.19 billion, a P/E ratio of -12.96 and a beta of 2.27. The firm’s 50 day moving average price is $15.70 and its two-hundred day moving average price is $26.13.

Planet Labs PBC (NYSE:PL) last announced its 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 business had revenue of $116.05 million during the quarter, compared to analysts’ expectations of $104.53 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The firm’s revenue was up 58.2% on a year-over-year basis. Equities research analysts forecast that Planet Labs PBC will post -0.60 EPS for the current year.

Insiders Place Their Bets

In related news, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $15.23, for a total transaction of $98,903.62. Following the completion of the transaction, the director directly owned 30,620 shares of the company’s stock, valued at approximately $466,342.60. This represents a 17.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 52,240 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the transaction, the insider owned 170,171 shares of the company’s stock, valued at approximately $2,886,100.16. This represents a 23.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 165,897 shares of company stock valued at $2,681,988 in the last quarter. 16.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently made changes to their positions in the stock. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC in the 1st quarter valued at about $28,000. Jacobi Capital Management LLC acquired a new stake in Planet Labs PBC in the 3rd quarter valued at about $26,000. Fortitude Family Office LLC lifted its stake in Planet Labs PBC by 3,035.0% in the 3rd quarter. Fortitude Family Office LLC now owns 2,508 shares of the company’s stock valued at $41,000 after purchasing an additional 2,428 shares during the last quarter. Parallel Advisors LLC lifted its stake in Planet Labs PBC by 313.1% in the 3rd quarter. Parallel Advisors LLC now owns 2,677 shares of the company’s stock valued at $44,000 after purchasing an additional 2,029 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Planet Labs PBC during the second quarter worth about $88,000. Institutional investors and hedge funds 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.