Planet Labs PBC (NYSE:PL) Trading 7.8% Higher – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) shot up 7.8% during mid-day trading on Monday . The stock traded as high as $4.06 and last traded at $4.09. 858,403 shares were traded during trading, a decline of 74% from the average session volume of 3,267,691 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PL. Citigroup upped their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. JMP Securities increased their price target on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research note on Thursday, January 30th. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price target on shares of Planet Labs PBC in a research note on Monday. Finally, The Goldman Sachs Group increased their price target 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. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Up 7.4 %

The firm has a market cap of $1.21 billion, a P/E ratio of -9.93 and a beta of 1.45. The company has a 50 day moving average of $4.88 and a two-hundred day moving average of $3.67.

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

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock worth $64,448,000 after purchasing an additional 397,153 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Planet Labs PBC by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock worth $19,961,000 after purchasing an additional 69,245 shares in the last quarter. State Street Corp raised its stake in shares of Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Planet Labs PBC by 14.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company’s stock worth $8,399,000 after purchasing an additional 261,958 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock worth $8,140,000 after purchasing an additional 1,013,234 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.