Planet Labs PBC (NYSE:PL) Sets New 12-Month High – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) reached a new 52-week high during trading on Monday . The stock traded as high as $24.97 and last traded at $23.3480, with a volume of 4380363 shares changing hands. The stock had previously closed at $22.71.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PL. Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Monday, December 22nd. Wedbush boosted their price target on Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. National Bankshares set a $12.30 target price on Planet Labs PBC in a research report on Tuesday, December 16th. Finally, Needham & Company LLC increased their target price on shares of Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Planet Labs PBC has an average rating of “Hold” and a consensus price target of $19.66.

Planet Labs PBC Trading Up 4.7%

The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The company has a market cap of $8.32 billion, a price-to-earnings ratio of -63.60 and a beta of 1.94. The business’s fifty day moving average price is $16.05 and its 200 day moving average price is $11.73.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.17). The company had revenue of $81.25 million for the quarter, compared to the consensus estimate of $72.02 million. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.The firm’s quarterly revenue was up 32.6% on a year-over-year basis. Research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,782 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $19.35, for a total value of $1,427,681.70. Following the transaction, the insider owned 1,164,729 shares in the company, valued at approximately $22,537,506.15. The trade was a 5.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after acquiring an additional 1,195 shares in the last quarter. MCF Advisors LLC bought a new stake in shares of Planet Labs PBC during the third quarter valued at approximately $32,000. Larson Financial Group LLC acquired a new position in shares of Planet Labs PBC during the third quarter worth approximately $39,000. Jones Financial Companies Lllp lifted its holdings in shares of Planet Labs PBC by 59.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock worth $44,000 after purchasing an additional 1,337 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Planet Labs PBC in the 3rd quarter valued at $56,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.