Planet Labs PBC (NYSE:PL) Given New $7.00 Price Target at Wedbush

Planet Labs PBC (NYSE:PL) had its price objective lifted by Wedbush from $5.00 to $7.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also recently commented on PL. The Goldman Sachs Group restated a “neutral” rating and set a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. Benchmark raised their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Needham & Company LLC restated a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research note on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a research note on Friday, March 21st. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.18.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock opened at $5.99 on Thursday. The company has a 50-day moving average of $3.56 and a 200 day moving average of $4.14. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -14.60 and a beta of 1.61. Planet Labs PBC has a 1 year low of $1.73 and a 1 year high of $6.71.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. On average, equities analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently bought and sold shares of the business. Sterling Capital Management LLC increased its position in Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after purchasing an additional 6,072 shares during the last quarter. Iron Gate Global Advisors LLC purchased a new position in Planet Labs PBC during the first quarter worth $36,000. HighTower Advisors LLC purchased a new position in Planet Labs PBC during the first quarter worth $37,000. Forum Financial Management LP purchased a new position in Planet Labs PBC during the first quarter worth $39,000. Finally, Wellington Shields & Co. LLC purchased a new position in Planet Labs PBC during the first quarter worth $39,000. Institutional investors own 41.71% of the company’s stock.

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.