Planet Labs PBC (NYSE:PL) Reaches New 52-Week High – Time to Buy?

Planet Labs PBC (NYSE:PL) reached a new 52-week high during trading on Wednesday . The stock traded as high as $2.90 and last traded at $2.87, with a volume of 1150522 shares changing hands. The stock had previously closed at $2.63.

Analyst Ratings Changes

A number of brokerages have recently commented on PL. Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research 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 report on Thursday, September 26th. The Goldman Sachs Group lowered their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Craig Hallum lifted their target price on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. Finally, Needham & Company LLC cut 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, September 6th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Stock Up 8.7 %

The business has a 50-day moving average price of $2.24 and a two-hundred day moving average price of $2.14. The firm has a market cap of $839.35 million, a PE ratio of -6.09 and a beta of 0.97.

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

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake 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 valued at $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Planet Labs PBC by 13.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock valued at $3,864,000 after purchasing an additional 201,084 shares during the last quarter. Teramo Advisors LLC lifted its stake in Planet Labs PBC by 3.0% during the second quarter. Teramo Advisors LLC now owns 1,132,700 shares of the company’s stock valued at $2,107,000 after purchasing an additional 32,700 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Planet Labs PBC by 9.7% during the second quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company’s stock valued at $1,184,000 after acquiring an additional 56,124 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Planet Labs PBC by 52.2% during the second quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock valued at $1,117,000 after acquiring an additional 206,000 shares during the period. Hedge funds and other institutional investors 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.