Planet Labs (PL) Hits New All-Time High as Morgan Stanley Hikes PT by 344%

Core Insights - Planet Labs PBC (NYSE:PL) has reached an all-time high stock price, driven by a significant price target increase from Morgan Stanley, which raised its target by 344% to $20 from $4.50 [3] - The stock experienced a 4.41% increase, closing at $18.24 after peaking at $19.10 during intra-day trading [2] Financial Performance - Planet Labs reported a 32.4% increase in revenues for the third quarter, reaching $81.2 million compared to $61.3 million in the same period last year, surpassing previous guidance of $71 million to $74 million [4] - Despite the revenue growth, the company faced a net loss that nearly tripled to $59 million from $20 million year-over-year [6] - The company has raised its full fiscal year revenue forecast to a range of $297 million to $301 million, up from the earlier forecast of $281 million to $289 million [6] - Planet Labs anticipates achieving a positive adjusted EBITDA of $6 million to $8 million, a shift from an earlier outlook of an adjusted EBITDA loss of up to $7 million [6] Management Commentary - The Chairman and CEO of Planet Labs, Will Marshall, highlighted the strong third-quarter performance, emphasizing continued business momentum, accelerated revenue growth, and progress towards profitability goals [5]