Planet Labs PBC (NYSE:PL) Stock Price Up 4.8% – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price traded up 4.8% during mid-day trading on Thursday . The company traded as high as $3.29 and last traded at $3.29. 260,261 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,789,963 shares. The stock had previously closed at $3.14.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PL shares. Needham & Company LLC decreased 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. 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 research note on Friday, September 6th. The Goldman Sachs Group dropped their target price 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. JMP Securities reiterated 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. Finally, 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. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Trading Up 6.1 %

The stock’s fifty day moving average price is $2.35 and its 200 day moving average price is $2.19. The stock has a market cap of $977.29 million, a P/E ratio of -7.09 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Barclays PLC boosted its position in shares of Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares during the period. Geode Capital Management LLC boosted its stake in shares of Planet Labs PBC by 16.5% in the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after acquiring an additional 689,888 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Planet Labs PBC during the third quarter worth about $406,000. XTX Topco Ltd raised its stake in Planet Labs PBC by 56.8% during the 3rd quarter. XTX Topco Ltd now owns 169,205 shares of the company’s stock valued at $377,000 after purchasing an additional 61,274 shares during the period. Finally, State Street Corp lifted its holdings in Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.