Planet Labs PBC’s (PL) “Buy” Rating Reaffirmed at Needham & Company LLC

Planet Labs PBC (NYSE:PL)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $8.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 111.92% from the company’s previous close.

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

Planet Labs PBC Stock Down 11.0 %

Shares of PL opened at $3.78 on Monday. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -9.21 and a beta of 1.45. The business’s 50 day moving average is $4.88 and its two-hundred day moving average is $3.67. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $6.71.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results 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 company had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same period in the prior year, the company earned ($0.06) earnings per share. On average, equities analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Large investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its position in Planet Labs PBC by 790.6% in the 4th 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. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC during the fourth quarter worth approximately $40,000. Wedbush Securities Inc. bought a new position in Planet Labs PBC in the 4th quarter worth approximately $41,000. SBI Securities Co. Ltd. acquired a new stake in Planet Labs PBC in the 4th quarter valued at approximately $42,000. Finally, Sciencast Management LP bought a new stake in Planet Labs PBC during the 4th quarter valued at $43,000. Institutional investors and hedge funds 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.