Planet Labs PBC (NYSE: PL) Surprised Bears With Its Forecast.

In the last trading session, 3.32 million shares of the Planet Labs PBC (NYSE:PL) were traded, and its beta was 0.79. Most recently the company’s share price was $2.25, and it changed around -$0.3 or -11.76% from the last close, which brings the market valuation of the company to $642.74M. PL currently trades at a discount to its 52-week high of $5.00, offering almost -122.22% off that amount. The share price’s 52-week low was $1.99, which indicates that the current value has risen by an impressive 11.56% since then. We note from Planet Labs PBC’s average daily trading volume that its 10-day average is 1.69 million shares, with the 3-month average coming to 1.22 million.

Planet Labs PBC (NYSE:PL) trade information

Instantly PL has showed a red trend with a performance of -11.76% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -8.91% year-to-date, but still down -5.86% over the last five days. On the other hand, Planet Labs PBC (NYSE:PL) is 2.74% up in the 30-day period. We can see from the shorts that 7.29 million shares have been sold at a short interest cover period of 6.64 day(s).

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The consensus price target as assigned by Wall Street analysts is $6, which translates to bulls needing to increase their stock price by 62.5% from its current value. Analyst projections state that PL is forecast to be at a low of $4 and a high of $8.

Planet Labs PBC (PL) estimates and forecasts

Planet Labs PBC share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -13.13 percent over the past six months and at a 8.00% annual growth rate that is well below the industry average of 19.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 14.30% in revenue this quarter, and will report an increase of 28.60% in the next quarter. The year-over-year growth rate is expected to be 17.70%, up from the previous year.

Consensus estimates provided by 8 financial analysts predict the company will bring in an average of $60.27 million in revenue for the current quarter. 8 analysts expect Planet Labs PBC to make $63.17 million in revenue for the quarter ending Jul 2024.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 29.42%. Planet Labs PBC earnings are expected to increase by 11.53% in 2024, but the outlook is positive 25.00% per year for the next five years.

PL Dividends

Planet Labs PBC’s next quarterly earnings report is expected to be released on March 28.

Planet Labs PBC (NYSE:PL)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 4.08% of Planet Labs PBC shares, and 53.88% of them are in the hands of institutional investors. The stock currently has a share float of 56.17%. Planet Labs PBC stock is held by 239 institutions, with Alphabet Inc. being the largest institutional investor. By Jun 29, 2023, it held 12.08% of the shares, which is about 31.94 million shares worth $102.86 million.

Vanguard Group Inc, with 6.75% or 17.85 million shares worth $57.47 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 5.8 million shares worth $18.68 million, making up 2.19% of all outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held roughly 4.91 million shares worth around $15.82 million, which represents about 1.86% of the total shares outstanding.