Planet Labs PBC (NYSE:PL – Get Free Report) was upgraded by research analysts at Barclays to a “hold” rating in a report released on Friday, Zacks reports.
Several other equities analysts have also weighed in on PL. Citizens Jmp reaffirmed a “market perform” rating on shares of Planet Labs PBC in a research note on Friday, September 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $28.00 target price on shares of Planet Labs PBC in a research note on Tuesday, September 8th. New Street Research upgraded Planet Labs PBC from a “sell” rating to a “neutral” rating in a research report on Friday, September 4th. Citigroup downgraded Planet Labs PBC from a “market perform” rating to a “hold” rating in a report on Friday, September 4th. Finally, Berenberg Bank started coverage on Planet Labs PBC in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 price target for the company. 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 given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.56.
Check Out Our Latest Report on Planet Labs PBC
Planet Labs PBC Stock Performance
Planet Labs PBC (NYSE:PL – Get Free Report) last released its earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%. The firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. During the same period in the previous year, the company earned ($0.07) earnings per share. Planet Labs PBC’s revenue was up 58.2% compared to the same quarter last year. On average, sell-side analysts expect that Planet Labs PBC will post -0.91 earnings per share for the current fiscal year.
Insider Activity
In other news, CFO Ashley Johnson sold 55,663 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $944,044.48. Following the completion of the sale, the chief financial officer owned 577,915 shares in the company, valued at $9,801,438.40. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Schingler sold 52,240 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the sale, the insider directly owned 170,171 shares of the company’s stock, valued at approximately $2,886,100.16. This trade represents a 23.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 200,932 shares of company stock valued at $3,844,141 in the last 90 days. Company insiders own 16.42% of the company’s stock.
Hedge Funds Weigh In On Planet Labs PBC
Several institutional investors and hedge funds have recently bought and sold shares of PL. Dimensional Fund Advisors LP lifted its holdings in shares of Planet Labs PBC by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company’s stock valued at $112,167,000 after buying an additional 70,986 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Planet Labs PBC by 80.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after buying an additional 861,306 shares during the last quarter. Tidal Investments LLC raised its position in Planet Labs PBC by 5,339.2% during the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock valued at $52,710,000 after acquiring an additional 1,561,769 shares in the last quarter. Tema ETFs LLC raised its position in Planet Labs PBC by 75,804.6% during the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock valued at $52,709,000 after acquiring an additional 1,588,864 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Planet Labs PBC by 36.5% in the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after acquiring an additional 273,300 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.
Planet Labs PBC Company Profile
Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent, high-resolution imagery of the planet. Its data is used to monitor changes in land, infrastructure, agriculture, forests, oceans and other environments.
The company’s products include PlanetScope, a satellite imagery service intended to provide frequent coverage of large areas; SkySat, which offers higher-resolution imagery and video capabilities; and other satellite and data products, including hyperspectral imaging initiatives.
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