Planet Labs PBC (NYSE:PL) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Planet Labs PBC (NYSE:PL) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $3.93.

A number of research analysts recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. JMP Securities restated a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a research note on Thursday. Craig Hallum boosted their price target on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. The Goldman Sachs Group reduced their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Finally, Needham & Company LLC lowered their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, September 6th.

Planet Labs PBC Stock Up 1.4 %

Shares of PL opened at $2.24 on Monday. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $2.89. The business’s 50 day moving average is $2.30 and its two-hundred day moving average is $2.10. The firm has a market cap of $651.33 million, a price-to-earnings ratio of -4.67 and a beta of 1.00.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. The business had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. On average, equities analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors have recently modified their holdings of PL. Vanguard Group Inc. lifted its holdings in Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after acquiring an additional 261,019 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC in the first quarter valued at about $164,000. PEAK6 Investments LLC boosted its position in Planet Labs PBC by 224.2% during the 1st quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after acquiring an additional 207,558 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Planet Labs PBC in the second quarter valued at $632,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at about $34,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.