Planet Labs PBC (NYSE:PL) Trading Up 7.6% – Time to Buy?

Planet Labs PBC (NYSE:PL) shares shot up 7.6% during trading on Thursday . The company traded as high as $3.32 and last traded at $3.35. 642,042 shares traded hands during trading, a decline of 82% from the average session volume of 3,514,444 shares. The stock had previously closed at $3.11.

Wall Street Analyst Weigh In

Several research firms have commented on PL. Northland Securities raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.30 target price on shares of Planet Labs PBC in a report on Friday, March 21st. JMP Securities lifted their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. Finally, Benchmark increased their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Planet Labs PBC presently has an average rating of “Moderate Buy” and an average target price of $5.98.

Planet Labs PBC Stock Up 1.2 %

The business has a fifty day moving average price of $3.81 and a 200-day moving average price of $3.87. The company has a market cap of $1.02 billion, a P/E ratio of -8.27 and a beta of 1.56.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $61.55 million for the quarter, compared to the consensus estimate of $61.89 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. As a group, research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Planet Labs PBC by 101.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after buying an additional 1,013,234 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Planet Labs PBC by 227.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after purchasing an additional 880,966 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Planet Labs PBC by 16.5% in the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after buying an additional 689,888 shares in the last quarter. Baird Financial Group Inc. purchased a new stake in Planet Labs PBC in the fourth quarter valued at approximately $2,568,000. Finally, Raymond James Financial Inc. purchased a new position in Planet Labs PBC in the 4th quarter worth $1,648,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.