Planet Labs PBC (NYSE:PL) Stock Price Up 7.8% – Should You Buy?

Shares of Planet Labs PBC (NYSE:PL) were up 7.8% during trading on Monday . The company traded as high as $4.06 and last traded at $4.09. Approximately 858,403 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 3,267,691 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Citigroup boosted their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a report on Monday. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Stock Performance

The company has a market capitalization of $1.18 billion, a PE ratio of -9.71 and a beta of 1.45. The stock has a fifty day moving average of $4.90 and a 200 day moving average of $3.69.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The company had revenue of $61.55 million during the quarter, compared to the consensus estimate of $61.89 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. As a group, equities analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the business. Xponance Inc. grew its holdings in shares of Planet Labs PBC by 12.0% during the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after buying an additional 1,608 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in Planet Labs PBC by 19.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock valued at $91,000 after purchasing an additional 3,753 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Planet Labs PBC by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company’s stock valued at $496,000 after purchasing an additional 5,785 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Finally, Monterey Private Wealth Inc. purchased a new position in shares of Planet Labs PBC in the fourth quarter worth about $40,000. Hedge funds and other institutional investors 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.