Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Citigroup Analyst Says

Planet Labs PBC (NYSE:PL) had its price objective lifted by investment analysts at Citigroup from $30.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential downside of 2.35% from the stock’s previous close.

Several other equities research analysts have also weighed in on PL. Wedbush upped their price objective on Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft raised their target price on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $16.40 price target on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Craig Hallum reiterated a “buy” rating and set a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Finally, Cantor Fitzgerald lifted their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $27.70.

Planet Labs PBC Trading Down 0.1%

Shares of Planet Labs PBC stock opened at $35.84 on Thursday. Planet Labs PBC has a 52-week low of $2.79 and a 52-week high of $37.05. The firm has a market capitalization of $12.41 billion, a PE ratio of -45.95 and a beta of 1.83. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The company’s fifty day moving average price is $26.21 and its two-hundred day moving average price is $19.50.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS 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 business had revenue of $86.82 million for the quarter, compared to the consensus estimate of $78.17 million. The firm’s revenue for the quarter was up 41.1% on a year-over-year basis. On average, analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Activity

In related news, Director Vijaya Gadde sold 20,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total transaction of $535,400.00. Following the sale, the director directly owned 250,169 shares in the company, valued at $6,697,024.13. This represents a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total value of $4,071,244.31. Following the sale, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at $52,834,288.01. This represents a 7.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 218,566 shares of company stock worth $5,896,276. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Large investors have recently made changes to their positions in the business. New York State Common Retirement Fund lifted its position in Planet Labs PBC by 45.3% during the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after buying an additional 63,088 shares in the last quarter. Divisadero Street Capital Management LP acquired a new stake in Planet Labs PBC in the 3rd quarter valued at about $13,564,000. Oppenheimer & Co. Inc. raised its stake in shares of Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after acquiring an additional 851,937 shares during the last quarter. Ranger Investment Management L.P. bought a new position in shares of Planet Labs PBC in the third quarter worth about $2,688,000. Finally, Rice Hall James & Associates LLC acquired a new position in shares of Planet Labs PBC during the third quarter worth approximately $4,392,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.