Cantor Fitzgerald Reaffirms “Overweight” Rating for Planet Labs PBC (NYSE:PL)

Cantor Fitzgerald restated their overweight rating on shares of Planet Labs PBC (NYSE:PL) in a research report sent to investors on Friday,Benzinga reports. They currently have a $6.30 target price on the stock.

Several other research firms have also recently commented on PL. The Goldman Sachs Group boosted their target price on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Northland Securities lifted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Benchmark lifted their price target on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Planet Labs PBC has an average rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Price Performance

PL opened at $3.78 on Friday. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $6.71. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.21 and a beta of 1.45. The business has a fifty day moving average price of $4.88 and a 200 day moving average price of $3.65.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 company had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. On average, research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in PL. Dimensional Fund Advisors LP lifted its holdings in shares of Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after purchasing an additional 1,013,234 shares during the last quarter. JPMorgan Chase & Co. raised its stake in 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 acquiring an additional 880,966 shares during the last quarter. Geode Capital Management LLC raised its stake in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after acquiring an additional 689,888 shares during the last quarter. Baird Financial Group Inc. purchased a new stake in Planet Labs PBC during the 4th quarter valued at approximately $2,568,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after acquiring an additional 487,958 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.