Planet Labs PBC (NYSE:PL) Trading 9.2% Higher – Here’s What Happened

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. The Goldman Sachs Group reissued a “neutral” rating on shares of Planet Labs PBC in a research report on Tuesday, December 16th. Morgan Stanley raised their target price on shares of Planet Labs PBC from $20.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, National Bankshares set a $12.30 target price on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $19.66.

Planet Labs PBC Stock Performance

The stock has a market capitalization of $9.00 billion, a PE ratio of -68.33 and a beta of 1.94. The business has a 50 day moving average price of $16.95 and a 200 day moving average price of $12.10. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results 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). The firm had revenue of $81.25 million during 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 company’s revenue for the quarter was up 32.6% on a year-over-year basis. As a group, equities research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In related 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 completion of the transaction, the insider directly owned 1,164,729 shares in the company, valued at $22,537,506.15. The trade was a 5.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 17.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently added to or reduced their stakes in the stock. Genesis Financial Group LLC bought a new position in shares of Planet Labs PBC during the 4th quarter valued at $444,000. Bangor Savings Bank purchased a new stake in Planet Labs PBC during the fourth quarter valued at $264,000. MOR Wealth Management LLC bought a new position in Planet Labs PBC in the fourth quarter valued at about $333,000. Spire Wealth Management boosted its position in Planet Labs PBC by 526.7% in the fourth quarter. Spire Wealth Management now owns 4,700 shares of the company’s stock worth $93,000 after purchasing an additional 3,950 shares during the last quarter. Finally, Connective Portfolio Management LLC purchased a new position in Planet Labs PBC in the fourth quarter worth about $1,578,000. 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.