JMP Securities Reaffirms “Market Outperform” Rating for Planet Labs PBC (NYSE:PL)

Planet Labs PBC (NYSE:PL)‘s stock had its “market outperform” rating reissued by research analysts at JMP Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $4.00 price target on the stock. JMP Securities’ price target would suggest a potential upside of 104.08% from the company’s previous close.

Several other analysts also recently weighed in on the company. Craig Hallum boosted their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday. Needham & Company LLC dropped their price objective on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday. Finally, Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC presently has an average rating of “Moderate Buy” and an average price target of $4.20.

Planet Labs PBC Trading Down 21.0 %

PL stock traded down $0.52 during midday trading on Friday, hitting $1.96. The company had a trading volume of 4,119,298 shares, compared to its average volume of 1,599,206. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $3.15. The stock’s 50 day moving average price is $2.26 and its 200 day moving average price is $2.11. The stock has a market cap of $569.91 million, a price-to-earnings ratio of -4.06 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. The company had revenue of $60.44 million during the quarter, compared to the consensus estimate of $59.80 million. During the same quarter in the previous year, the firm posted ($0.13) EPS. Analysts predict that Planet Labs PBC will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently made changes to their positions in PL. Perkins Coie Trust Co bought a new position in Planet Labs PBC in the second quarter worth $28,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Planet Labs PBC in the 4th quarter worth about $34,000. Algert Global LLC purchased a new position in Planet Labs PBC during the 2nd quarter valued at about $38,000. Virtu Financial LLC bought a new stake in Planet Labs PBC during the first quarter worth about $52,000. Finally, Victory Capital Management Inc. grew its holdings in Planet Labs PBC by 30.9% in the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock worth $55,000 after purchasing an additional 5,284 shares during the period. 41.71% of the stock is currently owned by 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.