Planet Labs PBC (NYSE:PL) Shares Gap Up After Analyst Upgrade

Planet Labs PBC (NYSE:PL)’s share price gapped up before the market opened on Monday after Craig Hallum raised their price target on the stock from $2.00 to $2.50. The stock had previously closed at $1.78, but opened at $1.87. Craig Hallum currently has a hold rating on the stock. Planet Labs PBC shares last traded at $1.91, with a volume of 1,216,771 shares traded.

A number of other equities research analysts also recently commented on PL. JMP Securities reiterated a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, June 27th. Needham & Company LLC lowered their target price on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.09.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after acquiring an additional 261,019 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Planet Labs PBC during the first quarter worth about $164,000. PEAK6 Investments LLC boosted its position in shares of Planet Labs PBC by 224.2% in the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after buying an additional 207,558 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Planet Labs PBC in the second quarter worth about $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. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Trading Up 7.3 %

The firm has a fifty day moving average of $2.26 and a 200 day moving average of $2.11.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) 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 $60.44 million for the quarter, compared to analysts’ expectations of $59.80 million. During the same quarter in the prior year, the business earned ($0.13) EPS. As a group, research analysts predict that Planet Labs PBC will post -0.4 earnings per share for the current year.

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.