Planet Labs PBC (NYSE:PL) Shares Up 9.8% – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) were up 9.8% during mid-day trading on Wednesday . The company traded as high as $30.94 and last traded at $30.6850. 9,050,372 shares were traded during trading, a decline of 34% from the average session volume of 13,793,320 shares. The stock had previously closed at $27.95.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PL. Craig Hallum reaffirmed a “buy” rating and set a $30.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Cantor Fitzgerald raised their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Needham & Company LLC boosted their price objective on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a report on Friday, March 20th. Wedbush upped their target price on Planet Labs PBC from $30.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $27.25.

Planet Labs PBC Price Performance

The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The business has a 50 day simple moving average of $25.75 and a 200-day simple moving average of $19.12. The firm has a market cap of $10.49 billion, a price-to-earnings ratio of -38.95 and a beta of 1.95.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.43). The company had revenue of $86.82 million during the quarter, compared to analysts’ expectations of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.Planet Labs PBC’s revenue was up 41.1% compared to the same quarter last year. 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 other Planet Labs PBC news, Director Kristen Robinson sold 47,835 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $6,009,303.12. This trade represents a 17.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vijaya Gadde sold 20,000 shares of Planet Labs PBC stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total transaction of $535,400.00. Following the transaction, the director directly owned 250,169 shares in the company, valued at $6,697,024.13. This represents a 7.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 218,566 shares of company stock worth $5,896,276. Corporate insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC raised its stake in Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock valued at $311,000 after acquiring an additional 435 shares during the period. Xponance LLC increased its stake in shares of Planet Labs PBC by 3.1% in the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after purchasing an additional 555 shares in the last quarter. Wealthfront Advisers LLC raised its position in shares of Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after purchasing an additional 657 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock valued at $653,000 after buying an additional 690 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

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.