Planet Labs PBC (NYSE:PL) Sets New 1-Year High – Here’s Why

Planet Labs PBC (NYSE:PL) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $3.93 and last traded at $3.90, with a volume of 474936 shares trading hands. The stock had previously closed at $3.82.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. JMP Securities reissued a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, September 26th. The Goldman Sachs Group dropped their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, Needham & Company LLC lowered their price target on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, September 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Trading Up 3.1 %

The stock has a 50 day moving average price of $2.54 and a two-hundred day moving average price of $2.26.

Planet Labs PBC (NYSE:PL) last issued its quarterly 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 net margin of 57.71% and a negative return on equity of 26.87%. The company had revenue of $61.09 million for the quarter, compared to analyst estimates of $61.57 million. As a group, research analysts forecast that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perkins Coie Trust Co acquired a new position in shares of Planet Labs PBC in the second quarter valued at about $28,000. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC in the third quarter valued at approximately $45,000. Algert Global LLC acquired a new position in Planet Labs PBC in the 2nd quarter worth approximately $38,000. Virtu Financial LLC purchased a new position in Planet Labs PBC during the 1st quarter worth approximately $52,000. Finally, Vontobel Holding Ltd. lifted its stake in Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.