Citigroup Raises Planet Labs PBC (NYSE:PL) Price Target to $35.00

Planet Labs PBC (NYSE:PL) had its price objective hoisted by stock analysts at Citigroup from $30.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 0.26% from the company’s current price.

Several other brokerages have also issued reports on PL. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Morgan Stanley lifted their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Finally, Craig Hallum reissued a “buy” rating and set a $30.00 target price on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Hold” and a consensus price target of $27.70.

Planet Labs PBC Trading Up 13.7%

Shares of Planet Labs PBC stock traded up $4.20 during midday trading on Thursday, reaching $34.91. The company had a trading volume of 17,622,948 shares, compared to its average volume of 13,987,286. The stock has a fifty day moving average price of $25.83 and a 200 day moving average price of $19.21. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The firm has a market cap of $12.08 billion, a PE ratio of -44.91 and a beta of 1.82. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $37.05.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). The firm had revenue of $86.82 million for the quarter, compared to the consensus estimate of $78.17 million. Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The firm’s quarterly revenue was up 41.1% compared to the same quarter last year. On average, equities analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Transactions at Planet Labs PBC

In other news, Director Kristen Robinson sold 47,835 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the transaction, the director directly owned 222,897 shares of the company’s stock, valued at $6,009,303.12. This represents a 17.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Ashley F. Johnson sold 150,731 shares of Planet Labs PBC stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the completion of the sale, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 218,566 shares of company stock valued at $5,896,276 over the last ninety days. 17.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in PL. AQR Capital Management LLC raised its holdings in shares of Planet Labs PBC by 671.1% in the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock worth $313,000 after acquiring an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Planet Labs PBC during the 1st quarter valued at about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Planet Labs PBC by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after purchasing an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after purchasing an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. bought a new stake in Planet Labs PBC during the 2nd quarter worth approximately $121,000. 41.71% of the stock is owned by institutional investors.

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.