Planet Labs PBC (NYSE:PL) Receives $35.36 Average Target Price from Analysts

Planet Labs PBC (NYSE:PL) has been given a consensus rating of “Hold” by the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $35.3583.

Several analysts have recently weighed in on the stock. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research report on Friday, June 5th. The Goldman Sachs Group upped their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Wedbush initiated coverage on shares of Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target for the company. Craig Hallum raised their price target on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $20.02 on Monday. The company has a 50 day moving average of $24.49 and a 200 day moving average of $30.15. The stock has a market cap of $7.14 billion, a P/E ratio of -17.56 and a beta of 2.11. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12 month low of $6.26 and a 12 month high of $51.76.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The company’s revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In related news, insider Robert H. Schingler sold 64,593 shares of Planet Labs PBC stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $1,674,250.56. Following the sale, the insider owned 825,541 shares in the company, valued at $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director directly owned 37,114 shares in the company, valued at $970,902.24. The trade was a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 171,122 shares of company stock valued at $4,148,906 in the last 90 days. Insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in shares of Planet Labs PBC by 3,265.0% in the 2nd quarter. California State Teachers Retirement System now owns 9,622,277 shares of the company’s stock valued at $290,440,000 after purchasing an additional 9,336,325 shares during the period. Van ECK Associates Corp boosted its stake in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after acquiring an additional 5,851,758 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after purchasing an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP increased its position in Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after buying an additional 1,701,535 shares in the last quarter. Finally, Tema ETFs LLC raised its stake 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 valued at $52,709,000 after buying an additional 1,588,864 shares during 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.