Planet Labs PBC (NYSE:PL) Trading 6.3% Higher

Planet Labs PBC (NYSE:PL) shot up 6.3% during mid-day trading on Tuesday . The stock traded as high as $2.01 and last traded at $2.01. 499,928 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,287,947 shares. The stock had previously closed at $1.89.

Analysts Set New Price Targets

PL has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price objective on shares of Planet Labs PBC in a research report on Monday, April 1st. Benchmark decreased their price target on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. The Goldman Sachs Group dropped their target price on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research report on Friday, April 12th. JMP Securities cut their price objective on Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research report on Monday, April 1st. Finally, Citigroup reduced their price objective on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a research note on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.68.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $610.30 million, a PE ratio of -4.12 and a beta of 0.93. The company’s fifty day moving average price is $2.09 and its two-hundred day moving average price is $2.23.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, March 28th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Planet Labs PBC had a negative net margin of 63.67% and a negative return on equity of 26.14%. The company had revenue of $58.85 million during the quarter, compared to analysts’ expectations of $57.64 million. On average, equities analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Planet Labs PBC by 2.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock worth $1,495,000 after purchasing an additional 13,075 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $164,000. Perigon Wealth Management LLC lifted its holdings in shares of Planet Labs PBC by 15.5% in the 1st quarter. Perigon Wealth Management LLC now owns 112,000 shares of the company’s stock worth $286,000 after purchasing an additional 15,000 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in Planet Labs PBC by 15.3% during the 1st quarter. Conestoga Capital Advisors LLC now owns 399,600 shares of the company’s stock worth $1,019,000 after buying an additional 53,100 shares during the last quarter. Finally, 180 Wealth Advisors LLC increased its position in Planet Labs PBC by 9.5% in the first quarter. 180 Wealth Advisors LLC now owns 130,926 shares of the company’s stock worth $334,000 after buying an additional 11,365 shares during the period. 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.