Key Points
- Planet Labs director Ita Brennan sold 11,500 shares at an average price of $16.30, generating $187,450 and reducing her ownership by 4.39% to 250,373 shares.
- Planet Labs recently exceeded quarterly expectations, reporting $0.02 EPS versus a projected loss of $0.02 and revenue of $116.05 million, up 58.2% year over year.
- Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $32.77; institutional investors own 41.71% of the company.
Planet Labs PBC (NYSE:PL - Get Free Report) Director Ita Brennan sold 11,500 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $16.30, for a total value of $187,450.00. Following the sale, the director directly owned 250,373 shares in the company, valued at $4,081,079.90. The trade was a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.
Planet Labs PBC Trading Up 8.5%
PL stock opened at $17.51 on Friday. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76. The firm has a market cap of $6.37 billion, a P/E ratio of -15.92 and a beta of 2.17. The business's 50 day moving average is $19.77 and its 200-day moving average is $28.93. The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79.
Planet Labs PBC (NYSE:PL - Get Free Report) last issued 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. The business had revenue of $116.05 million during the quarter, compared to analysts' expectations of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%.Planet Labs PBC's quarterly revenue was up 58.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.07) EPS. Equities analysts anticipate that Planet Labs PBC will post -0.91 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Planet Labs PBC
Institutional investors and hedge funds have recently made changes to their positions in the company. Calamos Advisors LLC bought a new position in Planet Labs PBC in the first quarter valued at about $2,973,000. Principal Financial Group Inc. raised its holdings in Planet Labs PBC by 103.4% during the 1st quarter. Principal Financial Group Inc. now owns 565,537 shares of the company's stock worth $15,807,000 after purchasing an additional 287,544 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Planet Labs PBC by 574.7% during the 1st quarter. Quantinno Capital Management LP now owns 145,751 shares of the company's stock worth $4,074,000 after purchasing an additional 124,150 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in Planet Labs PBC during the 1st quarter valued at about $5,472,000. Finally, Royal Bank of Canada lifted its position in Planet Labs PBC by 66.3% during the 1st quarter. Royal Bank of Canada now owns 317,565 shares of the company's stock valued at $8,876,000 after purchasing an additional 126,562 shares during the period. Institutional investors own 41.71% of the company's stock.
Analyst Ratings Changes
Several research analysts have issued reports on the company. Needham & Company LLC dropped their price objective on Planet Labs PBC from $53.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, September 4th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $28.00 target price on shares of Planet Labs PBC in a research note on Tuesday, September 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Wedbush began coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They set an "outperform" rating and a $50.00 price target for the company. Finally, New Street Research upgraded shares of Planet Labs PBC from a "sell" rating to a "neutral" rating in a research report on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $32.77.
View Our Latest Report on PL
Planet Labs PBC Company Profile
(
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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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