Planet Labs PBC (NYSE:PL) Stock Price Up 12.1% – Here’s Why

Planet Labs PBC (NYSE:PL) shot up 12.1% on Monday. The company traded as high as $14.02 and last traded at $14.0740. Approximately 2,111,148 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 11,702,918 shares. The stock had previously closed at $12.55.

Analysts Set New Price Targets

PL has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $28.00 price target on shares of Planet Labs PBC in a research report on Tuesday, September 8th. The Goldman Sachs Group lifted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Berenberg Bank began coverage on Planet Labs PBC in a report on Wednesday, September 2nd. They set a “buy” rating and a $25.00 target price on the stock. Finally, Morgan Stanley reduced their target price on Planet Labs PBC from $35.00 to $19.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.33.

Planet Labs PBC Trading Up 12.6%

The firm’s fifty day simple moving average is $15.92 and its 200 day simple moving average is $26.25. The stock has a market capitalization of $5.14 billion, a P/E ratio of -12.85 and a beta of 2.27. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $116.05 million during the quarter, compared to the consensus estimate of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm’s quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.07) EPS. As a group, equities research analysts forecast that Planet Labs PBC will post -0.60 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, Director Ita M. Brennan sold 11,500 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $16.30, for a total value of $187,450.00. Following the sale, the director owned 250,373 shares of the company’s stock, valued at approximately $4,081,079.90. This trade represents a 4.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total value of $98,903.62. Following the completion of the transaction, the director owned 30,620 shares in the company, valued at approximately $466,342.60. The trade was a 17.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 165,897 shares of company stock valued at $2,681,988. 16.42% of the stock is currently owned by insiders.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently modified their holdings of the business. Jacobi Capital Management LLC bought a new position in Planet Labs PBC in the third quarter valued at about $26,000. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC in the first quarter worth about $28,000. Pittenger & Anderson Inc. lifted its holdings in shares of Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after acquiring an additional 395 shares during the last quarter. Fortitude Family Office LLC lifted its holdings in shares of Planet Labs PBC by 3,035.0% in the third quarter. Fortitude Family Office LLC now owns 2,508 shares of the company’s stock worth $41,000 after acquiring an additional 2,428 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Planet Labs PBC by 313.1% in the 3rd quarter. Parallel Advisors LLC now owns 2,677 shares of the company’s stock valued at $44,000 after purchasing an additional 2,029 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

About Planet Labs PBC

Planet Labs PBC operates a fleet of Earth-observation satellites and provides satellite imagery, geospatial data and analysis tools. Its services help customers monitor changes on the planet and apply that information to planning and decision-making.

The company’s products include frequently updated global imagery from its PlanetScope satellites and higher-resolution imagery from its SkySat fleet. Customers can access imagery and data through Planet’s online platform and related services, including tools for searching, analyzing and monitoring locations over time.

Planet serves commercial, government and nonprofit customers around the world.