Planet Labs PBC (NYSE:PL) Posts Earnings Results

Planet Labs PBC (NYSE:PL) released its quarterly earnings results on Wednesday. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17), Zacks reports. Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%.

Planet Labs PBC Stock Up 1.4%

Shares of PL stock traded up $0.18 during trading hours on Wednesday, hitting $13.02. 16,205,452 shares of the company’s stock traded hands, compared to its average volume of 8,350,291. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $16.78. The stock has a market cap of $4.01 billion, a PE ratio of -43.40 and a beta of 2.00. The stock’s 50 day simple moving average is $13.02 and its 200 day simple moving average is $9.08.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PL shares. Citizens Jmp downgraded Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 21st. Wedbush raised their target price on shares of Planet Labs PBC from $11.00 to $17.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Cantor Fitzgerald upped their price target on shares of Planet Labs PBC from $8.50 to $20.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Citigroup reiterated an “outperform” rating on shares of Planet Labs PBC in a research report on Tuesday, September 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Planet Labs PBC has a consensus rating of “Moderate Buy” and a consensus price target of $11.26.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 81,656 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $15.50, for a total value of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares in the company, valued at approximately $19,977,066.50. The trade was a 5.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 17.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PL. Sei Investments Co. bought a new stake in Planet Labs PBC in the 2nd quarter valued at about $214,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Planet Labs PBC during the 1st quarter valued at approximately $189,000. Prudential Financial Inc. boosted its holdings in Planet Labs PBC by 66.3% in the 2nd quarter. Prudential Financial Inc. now owns 26,380 shares of the company’s stock worth $161,000 after buying an additional 10,520 shares during the period. Ameriprise Financial Inc. purchased a new position in Planet Labs PBC in the 2nd quarter valued at approximately $154,000. Finally, Creative Planning raised its holdings in Planet Labs PBC by 49.0% during the 2nd quarter. Creative Planning now owns 24,938 shares of the company’s stock valued at $152,000 after acquiring an additional 8,203 shares during the period. 41.71% of the stock is owned by institutional investors.

About Planet Labs PBC

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.