Traders Purchase Large Volume of Planet Labs PBC Call Options (NYSE:PL)

Planet Labs PBC (NYSE:PL) was the target of some unusual options trading activity on Thursday. Traders bought 16,374 call options on the stock. This is an increase of 310% compared to the average daily volume of 3,996 call options.

Analyst Ratings Changes

A number of brokerages have issued reports on PL. Wall Street Zen raised shares of Planet Labs PBC from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Wedbush boosted their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, June 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $8.50 price target (up previously from $6.30) on shares of Planet Labs PBC in a research note on Tuesday. Citigroup increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC has an average rating of “Moderate Buy” and a consensus target price of $6.60.

Planet Labs PBC Stock Up 11.5%

Shares of Planet Labs PBC stock opened at $6.05 on Friday. The business has a fifty day simple moving average of $4.21 and a 200-day simple moving average of $4.30. Planet Labs PBC has a fifty-two week low of $1.73 and a fifty-two week high of $6.71. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -16.79 and a beta of 1.61.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $66.27 million for the quarter, compared to analysts’ expectations of $62.25 million. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. Analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its position in shares of Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Iron Gate Global Advisors LLC purchased a new position in shares of Planet Labs PBC in the first quarter worth approximately $36,000. HighTower Advisors LLC acquired a new stake in shares of Planet Labs PBC during the first quarter valued at approximately $37,000. Forum Financial Management LP purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $39,000. Finally, Wellington Shields & Co. LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $39,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

About Planet Labs PBC

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.