Planet Labs PBC (NYSE:PL) Shares Gap Up to $1.74

Planet Labs PBC (NYSE:PL)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $1.74, but opened at $1.78. Planet Labs PBC shares last traded at $1.74, with a volume of 217,194 shares changing hands.

Analysts Set New Price Targets

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

Planet Labs PBC Stock Up 4.1 %

The company has a fifty day moving average of $2.11 and a two-hundred day moving average of $2.24.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 28th. The company reported ($0.11) EPS for the quarter, topping 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 firm had revenue of $58.85 million during the quarter, compared to the consensus estimate of $57.64 million. On average, equities analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors have recently modified their holdings of PL. GSA Capital Partners LLP raised its stake in shares of Planet Labs PBC by 443.2% during the third quarter. GSA Capital Partners LLP now owns 959,144 shares of the company’s stock valued at $2,494,000 after purchasing an additional 782,568 shares in the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Planet Labs PBC in the 4th quarter worth approximately $963,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Planet Labs PBC by 78.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock worth $1,341,000 after acquiring an additional 252,406 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Planet Labs PBC by 24.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,159,281 shares of the company’s stock valued at $2,863,000 after acquiring an additional 230,627 shares in the last quarter. Finally, Barclays PLC increased its stake in shares of Planet Labs PBC by 263.5% during the third quarter. Barclays PLC now owns 262,813 shares of the company’s stock valued at $683,000 after acquiring an additional 190,510 shares during the period. 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.