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

Planet Labs PBC (NYSE:PL)’s share price hit a new 52-week high on Friday . The company traded as high as $19.83 and last traded at $19.2970, with a volume of 9704697 shares. The stock had previously closed at $17.49.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup started coverage on Planet Labs PBC in a research note on Thursday, December 11th. They set a “buy” rating and a $19.00 price objective on the stock. Needham & Company LLC boosted their price target on Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Deutsche Bank Aktiengesellschaft upped their price target on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Finally, Citizens Jmp cut shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 21st. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $14.74.

Planet Labs PBC Stock Up 11.1%

The firm has a fifty day simple moving average of $13.27 and a 200-day simple moving average of $9.64. The company has a market capitalization of $5.98 billion, a PE ratio of -46.11 and a beta of 2.00. The company has a debt-to-equity ratio of 1.28, a quick ratio of 4.00 and a current ratio of 4.00.

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

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of the company’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $15.50, for a total value of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares in the company, valued at approximately $19,977,066.50. This represents a 5.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Planet Labs PBC by 2.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after acquiring an additional 781 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Planet Labs PBC by 3.6% during the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock worth $336,000 after purchasing an additional 896 shares during the last quarter. Ariadne Wealth Management LP boosted its holdings in Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock worth $145,000 after purchasing an additional 905 shares during the period. Valeo Financial Advisors LLC increased its stake in Planet Labs PBC by 4.5% during the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock valued at $281,000 after purchasing an additional 925 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in shares of Planet Labs PBC by 0.8% during the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock worth $1,908,000 after purchasing an additional 1,114 shares during the period. Institutional investors and hedge funds 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.