Planet Labs PBC (NYSE:PL) Shares Gap Down Following Weak Earnings

Planet Labs PBC (NYSE:PL)’s share price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $9.66, but opened at $8.64. Planet Labs PBC shares last traded at $9.25, with a volume of 10,285,448 shares trading hands.

The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The business had revenue of $73.39 million for the quarter, compared to analyst estimates of $65.88 million. Planet Labs PBC had a negative return on equity of 20.09% and a negative net margin of 34.46%.The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) EPS. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS.

Analysts Set New Price Targets

PL has been the subject of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $8.50 price objective (up previously from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Citigroup restated an “outperform” rating on shares of Planet Labs PBC in a report on Tuesday. JMP Securities boosted their price objective on shares of Planet Labs PBC from $8.00 to $11.00 and gave the company a “market outperform” rating in a report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Planet Labs PBC in a report on Monday, June 30th. They set a “neutral” rating and a $4.60 price objective for the company. Finally, Wall Street Zen raised shares of Planet Labs PBC from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.56.

Institutional Trading of Planet Labs PBC

Institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. lifted its position in shares of Planet Labs PBC by 45.1% in the second quarter. SBI Securities Co. Ltd. now owns 9,877 shares of the company’s stock worth $60,000 after purchasing an additional 3,068 shares in the last quarter. Tableaux LLC bought a new stake in shares of Planet Labs PBC in the second quarter worth $61,000. May Hill Capital LLC bought a new stake in shares of Planet Labs PBC in the second quarter worth $62,000. Iron Gate Global Advisors LLC bought a new stake in shares of Planet Labs PBC in the first quarter worth $36,000. Finally, HighTower Advisors LLC bought a new stake in Planet Labs PBC during the first quarter worth $37,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Down 6.6%

The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -30.07 and a beta of 1.81. The business’s 50 day simple moving average is $6.73 and its 200 day simple moving average is $5.00.

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.