Jim Cramer gives qualified endorsement to Planet Labs stock
What happened
On October 6, Jim Cramer gave a qualified endorsement to Planet Labs stock, calling it a "nice speculative pick" for long-term investors. The shares were trading around $18, which was 65.05% below their 52-week high of $51.76. Cramer noted that the company's revenue grew 58.10% in the most recent quarter to $378.28 million.
From insidermonkey.com
Why it matters
The endorsement comes as Planet Labs raised its annual capital expenditure forecast to between $100 million and $115 million. Cramer attributed the stock's previous decline to a $1.5 billion stock sale program that the company launched on June 5.
From insidermonkey.com
Who's involved
- Planet LabsAmerican company specializing in satellite imaging of Earth
- Jim CramerAmerican stockbroker and television personality who provided financial advice
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Planet LabsSpeculative
Planet Labs might see changes in demand or stock price valuation following the public endorsement.
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The entities involved
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Planet Labs
American company specializing in satellite imaging of Earth
Nothing else this week.
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Jim Cramer
American stockbroker, television personality, author
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