Planet Labs PBC (NYSE:PL) Trading Up 9.2% – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) were up 9.2% during trading on Thursday . The stock traded as high as $29.35 and last traded at $29.20. Approximately 13,755,713 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 13,463,469 shares. The stock had previously closed at $26.73.

Analyst Ratings Changes

Several research firms recently issued reports on PL. Deutsche Bank Aktiengesellschaft increased their price target 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. Morgan Stanley raised their target price on Planet Labs PBC from $20.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday. Craig Hallum reissued a “buy” rating and set a $30.00 price target on shares of Planet Labs PBC in a report on Tuesday. Wedbush upped their price objective on Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Hold” and an average price target of $19.66.

Planet Labs PBC Stock Up 5.9%

The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of -67.37 and a beta of 1.94. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a 50 day moving average price of $16.32 and a 200 day moving average price of $11.83.

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

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,782 shares of the 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 completion of the sale, the insider directly owned 1,164,729 shares in the company, valued at $22,537,506.15. This represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Planet Labs PBC by 2.6% during the third 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 during the last quarter. Victory Capital Management Inc. boosted its holdings in Planet Labs PBC by 3.6% in the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after acquiring an additional 896 shares during the last quarter. Ariadne Wealth Management LP increased its position in Planet Labs PBC by 8.8% during the 3rd quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after purchasing an additional 905 shares during the period. Valeo Financial Advisors LLC raised its holdings in Planet Labs PBC by 4.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock worth $281,000 after purchasing an additional 925 shares during the last quarter. Finally, 180 Wealth Advisors LLC lifted its position in shares of Planet Labs PBC by 0.8% in the 3rd 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 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.