Key Points
- Director sale: Kristen Robinson sold 40,000 Planet Labs shares for $565,600 at an average price of $14.14, reducing her direct ownership by 17.95% to 182,897 shares.
- Stock performance: PL shares fell 6.8% to $13.55, well below their 50-day and 200-day moving averages, and remain substantially below the 52-week high of $51.76.
- Business and outlook: Planet Labs exceeded quarterly earnings and revenue expectations, with revenue up 58.2% year over year, but remains unprofitable. Analysts hold a consensus “Hold” rating with a $30.33 price target, while institutional investors own 41.71% of the stock.
Planet Labs PBC (NYSE:PL - Get Free Report) Director Kristen Robinson sold 40,000 shares of the business's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total transaction of $565,600.00. Following the sale, the director directly owned 182,897 shares in the company, valued at approximately $2,586,163.58. This trade represents a 17.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Planet Labs PBC Stock Down 6.8%
Shares of PL traded down $0.98 during mid-day trading on Friday, reaching $13.55. The company's stock had a trading volume of 10,470,379 shares, compared to its average volume of 10,969,422. The company has a market cap of $4.93 billion, a price-to-earnings ratio of -12.32 and a beta of 2.17. The business has a fifty day moving average of $18.69 and a 200 day moving average of $27.96. The company has a quick ratio of 2.82, a current ratio of 2.84 and a debt-to-equity ratio of 0.79. Planet Labs PBC has a 1 year low of $10.52 and a 1 year high of $51.76.
Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.04. The business had revenue of $116.05 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. As a group, analysts forecast that Planet Labs PBC will post -0.63 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Planet Labs PBC
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in Planet Labs PBC by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company's stock valued at $112,167,000 after acquiring an additional 70,986 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position 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 acquiring an additional 861,306 shares in the last quarter. Tidal Investments LLC boosted its holdings in Planet Labs PBC by 5,339.2% in the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company's stock worth $52,710,000 after purchasing an additional 1,561,769 shares in the last quarter. Tema ETFs LLC boosted its holdings in Planet Labs PBC by 75,804.6% in the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company's stock worth $52,709,000 after purchasing an additional 1,588,864 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Planet Labs PBC by 36.5% during the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company's stock worth $28,542,000 after buying an additional 273,300 shares during the last quarter. Institutional investors own 41.71% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Morgan Stanley set a $19.00 target price on Planet Labs PBC in a research note on Friday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Planet Labs PBC in a research note on Friday, September 11th. New Street Research upgraded Planet Labs PBC from a "sell" rating to a "neutral" rating in a report on Friday, September 4th. Craig Hallum set a $35.00 price objective on Planet Labs PBC in a research report on Friday, September 4th. Finally, Citigroup downgraded Planet Labs PBC from a "market perform" rating to a "hold" rating in a research note on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $30.33.
Check Out Our Latest Stock Analysis on Planet Labs PBC
About Planet Labs PBC
(
Get Free Report)
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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