Planet Labs PBC (NYSE:PL) Receives Average Rating of “Hold” from Analysts

Shares of Planet Labs PBC (NYSE:PL) have received a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $32.7750.

PL has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Needham & Company LLC lowered their price objective on shares of Planet Labs PBC from $53.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, September 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, September 8th. Northland Securities set a $40.00 target price on Planet Labs PBC in a report on Friday, September 4th. Finally, New Street Research raised Planet Labs PBC from a “sell” rating to a “neutral” rating in a research note on Friday, September 4th.

Insider Activity

In related news, insider Robert H. Schingler sold 64,593 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the completion of the sale, the insider directly owned 825,541 shares of the company’s stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ashley F. Johnson sold 75,035 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the sale, the chief financial officer owned 1,132,122 shares in the company, valued at $24,997,253.76. This trade represents a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 279,025 shares of company stock worth $5,978,941 in the last 90 days. Corporate insiders own 16.42% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after buying an additional 71,381 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Planet Labs PBC by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company’s stock worth $112,167,000 after buying an additional 70,986 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Planet Labs PBC by 80.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after buying an additional 861,306 shares during the last quarter. Tidal Investments LLC raised its position in Planet Labs PBC by 5,339.2% during the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock worth $52,710,000 after acquiring an additional 1,561,769 shares in the last quarter. Finally, Tema ETFs LLC raised its position in Planet Labs PBC by 75,804.6% during the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock worth $52,709,000 after acquiring an additional 1,588,864 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

Shares of NYSE:PL opened at $17.07 on Friday. The firm’s 50 day simple moving average is $21.23 and its 200 day simple moving average is $29.62. Planet Labs PBC has a fifty-two week low of $10.22 and a fifty-two week high of $51.76. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of -15.51 and a beta of 2.10. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm had revenue of $116.05 million during the quarter, compared to analysts’ expectations of $104.53 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 58.2% on a year-over-year basis. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.91 earnings per share for the current year.

About Planet Labs PBC

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent imagery of the planet’s landmass. The company collects, processes and delivers satellite imagery and related data products through cloud-based platforms and application programming interfaces.

Its offerings include PlanetScope imagery for broad-area monitoring, SkySat imagery for higher-resolution observation, and specialized products that support change detection, mapping and environmental analysis.