Planet Labs PBC (NYSE:PL) Given Average Recommendation of “Hold” by Brokerages

Planet Labs PBC (NYSE:PL) has earned a consensus recommendation of “Hold” from the twelve analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $35.3583.

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research report on Monday, June 15th. Craig Hallum lifted their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Needham & Company LLC boosted their target price on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th.

Planet Labs PBC Stock Down 4.4%

Shares of NYSE:PL opened at $19.51 on Thursday. The business has a 50-day moving average price of $31.57 and a 200 day moving average price of $30.66. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of -17.12 and a beta of 2.06. Planet Labs PBC has a 12-month low of $5.87 and a 12-month high of $51.76.

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

Insider Transactions at Planet Labs PBC

In related news, Director John W. Raymond sold 6,494 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. This represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ashley F. Johnson sold 75,035 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total value of $1,656,772.80. Following the transaction, the chief financial officer directly owned 1,132,122 shares in the company, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 171,122 shares of company stock worth $4,148,906 over the last ninety days. Company insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

A number of institutional investors and hedge funds have recently bought and sold shares of PL. AQR Capital Management LLC lifted its position in shares of Planet Labs PBC by 671.1% during the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock worth $313,000 after purchasing an additional 80,672 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Planet Labs PBC in the first quarter valued at approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after purchasing an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after buying an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. purchased a new stake in Planet Labs PBC during the 2nd quarter worth approximately $121,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.