Brokerages Set Planet Labs PBC (NYSE:PL) Target Price at $35.11

Shares of Planet Labs PBC (NYSE:PL) have received a consensus rating of “Hold” from the twelve ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $35.1083.

Several analysts have recently weighed in on the stock. Zacks Research downgraded shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Wedbush reissued an “outperform” rating and issued a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. New Street Research began coverage on shares of Planet Labs PBC in a report on Wednesday, May 13th. They set a “sell” rating and a $28.00 target price on the stock. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $22.00 target price on shares of Planet Labs PBC in a research report on Thursday, June 11th.

Insider Activity

In related news, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in Planet Labs PBC by 671.1% during the first 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 period. Integrated Wealth Concepts LLC purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 worth $442,000 after purchasing an additional 8,143 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of 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 during the period. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of Planet Labs PBC during the 2nd quarter valued at approximately $121,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Down 7.6%

NYSE:PL opened at $28.25 on Wednesday. The company has a market cap of $10.07 billion, a price-to-earnings ratio of -24.78 and a beta of 1.99. Planet Labs PBC has a twelve month low of $4.90 and a twelve month high of $51.76. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $38.73 and a 200-day simple moving average of $28.72.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. The firm’s revenue was up 42.1% on a year-over-year basis. Analysts anticipate that Planet Labs PBC will post -0.81 EPS for the current year.

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.