Planet Labs PBC (NYSE:PL) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Planet Labs PBC (NYSE:PL) released its quarterly earnings data on Wednesday. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17), Zacks reports. Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%.

Planet Labs PBC Stock Up 1.4%

NYSE:PL traded up $0.18 on Wednesday, reaching $13.02. The stock had a trading volume of 15,032,132 shares, compared to its average volume of 8,350,291. The company has a market capitalization of $4.01 billion, a P/E ratio of -43.40 and a beta of 2.00. Planet Labs PBC has a 1-year low of $2.79 and a 1-year high of $16.78. The stock has a fifty day moving average price of $13.02 and a 200-day moving average price of $9.08.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their price objective on shares of Planet Labs PBC from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Planet Labs PBC from $10.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. JMP Securities restated a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Wedbush upped their price target on Planet Labs PBC from $11.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. Finally, Cantor Fitzgerald raised their price objective on Planet Labs PBC from $8.50 to $20.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.26.

Insider Buying and Selling at Planet Labs PBC

In related 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 transaction of $1,265,668.00. Following the transaction, the insider owned 1,288,843 shares in the company, valued at $19,977,066.50. This represents a 5.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. raised its holdings in Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares during the period. Two Sigma Investments LP raised its holdings in shares of Planet Labs PBC by 257.5% in the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after purchasing an additional 1,701,535 shares during the last quarter. Marshall Wace LLP boosted its position in Planet Labs PBC by 10,305.7% during the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after purchasing an additional 1,494,744 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Planet Labs PBC by 477.9% during the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock worth $8,233,000 after acquiring an additional 1,116,055 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Planet Labs PBC by 415.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company’s stock worth $8,091,000 after buying an additional 1,068,978 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

About Planet Labs PBC

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.