Planet Labs PBC (NYSE:PL) Hits New 1-Year High – What’s Next?

Shares of Planet Labs PBC (NYSE:PL) hit a new 52-week high on Wednesday . The stock traded as high as $40.88 and last traded at $40.8150, with a volume of 1026178 shares traded. The stock had previously closed at $38.03.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Needham & Company LLC upped their target price on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Northland Securities set a $28.00 target price on Planet Labs PBC in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. The Goldman Sachs Group upped their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $29.94.

Planet Labs PBC Stock Up 3.9%

The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The stock has a market capitalization of $13.68 billion, a PE ratio of -50.76 and a beta of 1.83. The business has a 50 day moving average of $29.02 and a two-hundred day moving average of $21.62.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) earnings per share 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 for the quarter, compared to analysts’ expectations of $78.17 million. The business’s quarterly revenue was up 41.1% on a year-over-year basis. Analysts predict that Planet Labs PBC will post -0.45 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, Director Vijaya Gadde sold 20,000 shares of the stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the sale, the director directly owned 250,169 shares in the company, valued at approximately $6,697,024.13. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 293,683 shares of company stock worth $10,139,463. 17.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PL. AQR Capital Management LLC raised its stake in Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after buying an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Planet Labs PBC in the first quarter valued at about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 during the period. Goldman Sachs Group Inc. increased its holdings in shares of Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after purchasing an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. acquired a new position in shares of Planet Labs PBC in the second quarter valued at about $121,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.