Brokerages Set Planet Labs PBC (NYSE:PL) Target Price at $29.94

Shares of Planet Labs PBC (NYSE:PL) have been given a consensus rating of “Hold” by the eleven research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $29.9364.

A number of equities analysts have recently issued reports on PL shares. Morgan Stanley increased their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Northland Securities set a $28.00 target price on Planet Labs PBC in a report on Tuesday, January 13th. Craig Hallum reissued a “buy” rating and issued a $30.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Finally, Wedbush increased their price target on Planet Labs PBC from $30.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th.

Insider Buying and Selling

In related news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PL. Van ECK Associates Corp lifted its holdings in Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Barclays PLC lifted its holdings in Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after buying an additional 3,293,333 shares in the last quarter. Invesco Ltd. lifted its holdings in Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP lifted its holdings 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 worth $30,662,000 after buying an additional 1,701,535 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after buying an additional 1,637,880 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

PL opened at $38.32 on Tuesday. The stock has a market cap of $13.27 billion, a PE ratio of -49.13 and a beta of 1.83. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a 1 year low of $3.12 and a 1 year high of $41.71. The stock’s 50 day simple moving average is $29.72 and its 200-day simple moving average is $21.86.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The company had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC’s revenue was up 41.1% on a year-over-year basis. Sell-side analysts forecast that Planet Labs PBC will post -0.45 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.