Planet Labs PBC (NYSE:PL) Stock Has Consensus Target Price of $31.56

Shares of Planet Labs PBC (NYSE:PL) have been given an average rating of “Hold” by the fourteen ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $30.33.

Several equities research analysts have recently commented on PL shares. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Morgan Stanley cut their price target on Planet Labs PBC from $35.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Friday, September 11th. Wedbush started coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target on the stock. Finally, Berenberg Bank assumed coverage on Planet Labs PBC in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 price objective for the company.

Insiders Place Their Bets

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of the firm’s stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total value of $98,903.62. Following the transaction, the director directly owned 30,620 shares of the company’s stock, valued at approximately $466,342.60. This trade represents a 17.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristen Robinson sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total transaction of $565,600.00. Following the completion of the transaction, the director directly owned 182,897 shares in the company, valued at approximately $2,586,163.58. The trade was a 17.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 240,932 shares of company stock valued at $4,338,761 over the last three months. 16.42% of the stock is owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently bought and sold shares of the company. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC during the first quarter worth about $28,000. Western Wealth Management LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at approximately $28,000. Pittenger & Anderson Inc. grew its position in shares of Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after purchasing an additional 395 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at approximately $41,000. Finally, Fortitude Family Office LLC increased its stake in Planet Labs PBC by 3,035.0% during the 3rd quarter. Fortitude Family Office LLC now owns 2,508 shares of the company’s stock worth $41,000 after purchasing an additional 2,428 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

PL opened at $13.62 on Tuesday. Planet Labs PBC has a one year low of $10.52 and a one year high of $51.76. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82. The company’s 50 day simple moving average is $18.50 and its 200-day simple moving average is $27.85. The stock has a market capitalization of $4.96 billion, a P/E ratio of -12.39 and a beta of 2.17.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. Planet Labs PBC’s revenue for the quarter was up 58.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) earnings per share. Sell-side analysts anticipate that Planet Labs PBC will post -0.63 earnings per share for the current fiscal year.

About Planet Labs PBC

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet’s product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.