Investors Buy High Volume of Planet Labs PBC Call Options (NYSE:PL)

Planet Labs PBC (NYSE:PL) saw unusually large options trading on Monday. Traders purchased 14,969 call options on the stock. This is an increase of approximately 909% compared to the average daily volume of 1,484 call options.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its position in Planet Labs PBC by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after acquiring an additional 5,395 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Planet Labs PBC by 14.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after acquiring an additional 6,215 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Planet Labs PBC by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after acquiring an additional 6,910 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Planet Labs PBC by 13.0% during the 2nd quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock worth $193,000 after acquiring an additional 11,951 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PL shares. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. Craig Hallum boosted their price target on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. The Goldman Sachs Group reduced their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Finally, Needham & Company LLC reduced their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $4.40 on Wednesday. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $4.99. The stock’s 50-day moving average is $2.67 and its 200-day moving average is $2.31. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -9.35 and a beta of 1.34.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to analysts’ expectations of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Research analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current year.

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.