Planet Labs PBC (NYSE:PL) Announces Quarterly Earnings Results

Planet Labs PBC (NYSE:PL) announced its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01), Zacks reports. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%.

Planet Labs PBC Price Performance

Shares of NYSE:PL traded down $1.57 during midday trading on Thursday, reaching $18.42. The company’s stock had a trading volume of 29,247,223 shares, compared to its average volume of 12,013,854. Planet Labs PBC has a fifty-two week low of $6.26 and a fifty-two week high of $51.76. The company has a market capitalization of $6.56 billion, a P/E ratio of -16.16 and a beta of 2.10. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The business’s fifty day simple moving average is $24.00 and its 200-day simple moving average is $30.15.

Analyst Ratings Changes

Several brokerages have recently weighed in on PL. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Wedbush assumed coverage on Planet Labs PBC in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective on the stock. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Craig Hallum raised their target price 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, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus target price of $34.56.

Insider Buying and Selling

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of the 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 owned 37,114 shares of the company’s stock, valued at $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert H. Schingler sold 64,593 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were 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 owned 825,541 shares of the company’s stock, valued at $21,398,022.72. The trade was a 7.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 171,122 shares of company stock worth $4,148,906 in the last 90 days. Corporate insiders own 16.42% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Xponance LLC raised its position in shares of Planet Labs PBC by 3.1% during the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after acquiring an additional 555 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after purchasing an additional 745 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Planet Labs PBC by 3.6% during the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock worth $336,000 after purchasing an additional 896 shares during the last quarter. Mackenzie Financial Corp lifted its position in Planet Labs PBC by 9.5% during the 4th quarter. Mackenzie Financial Corp now owns 14,631 shares of the company’s stock valued at $288,000 after purchasing an additional 1,267 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of Planet Labs PBC by 18.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 11,961 shares of the company’s stock valued at $236,000 after purchasing an additional 1,894 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.