Planet Labs PBC Target of Unusually Large Options Trading (NYSE:PL)

Posted by on Apr 13th, 2023

Planet Labs PBC (NYSE:PL – Get Rating) was the recipient of some unusual options trading on Wednesday. Traders bought 10,448 call options on the stock. This is an increase of 1,163% compared to the average daily volume of 827 call options.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $4.09 on Thursday. The company’s fifty day simple moving average is $4.25 and its 200-day simple moving average is $4.81. Planet Labs PBC has a 12 month low of $3.29 and a 12 month high of $7.51. The stock has a market cap of $1.12 billion, a P/E ratio of -6.70 and a beta of 0.68.

Planet Labs PBC (NYSE:PL – Get Rating) last posted its quarterly earnings results on Wednesday, March 29th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. Planet Labs PBC had a negative net margin of 84.68% and a negative return on equity of 26.83%. The business had revenue of $52.98 million for the quarter, compared to analysts’ expectations of $52.56 million. During the same period in the previous year, the company posted ($0.26) EPS. Planet Labs PBC’s revenue was up 42.6% on a year-over-year basis. On average, equities research analysts expect that Planet Labs PBC will post -0.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PL has been the topic of several research reports. Benchmark cut their target price on Planet Labs PBC from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, March 30th. Deutsche Bank Aktiengesellschaft lowered their target price on Planet Labs PBC from $7.00 to $6.00 in a research note on Friday, March 31st. Morgan Stanley assumed coverage on Planet Labs PBC in a research note on Monday, January 23rd. They set an “equal weight” rating and a $6.00 target price for the company. Needham & Company LLC decreased their price target on Planet Labs PBC from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, March 30th. Finally, The Goldman Sachs Group decreased their price target on Planet Labs PBC from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, April 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.67.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, insider Kevin Weil bought 274,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was acquired at an average cost of $3.64 per share, with a total value of $997,360.00. Following the purchase, the insider now owns 439,580 shares in the company, valued at approximately $1,600,071.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently modified their holdings of PL. Alphabet Inc. acquired a new stake in shares of Planet Labs PBC in the 3rd quarter valued at $173,449,000. Vanguard Group Inc. lifted its stake in shares of Planet Labs PBC by 175.6% in the 3rd quarter. Vanguard Group Inc. now owns 16,887,991 shares of the company’s stock valued at $91,702,000 after purchasing an additional 10,759,901 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Planet Labs PBC in the 1st quarter valued at $23,671,000. State Street Corp lifted its stake in shares of Planet Labs PBC by 580.7% in the 2nd quarter. State Street Corp now owns 4,064,196 shares of the company’s stock valued at $17,598,000 after purchasing an additional 3,467,126 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Planet Labs PBC by 352.8% in the 2nd quarter. Northern Trust Corp now owns 1,418,888 shares of the company’s stock valued at $6,144,000 after purchasing an additional 1,105,535 shares during the last quarter. Institutional investors and hedge funds own 43.05% of the company’s stock.

Planet Labs PBC Company Profile

(Get Rating)

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.

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