Citigroup Boosts Planet Labs PBC (NYSE:PL) Price Target to $7.00

Planet Labs PBC (NYSE:PL) had its target price hoisted by Citigroup from $5.00 to $7.00 in a report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. The Goldman Sachs Group restated a “neutral” rating and set a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Wedbush raised their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.30 price objective on shares of Planet Labs PBC in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.38.

Planet Labs PBC Price Performance

PL stock opened at $5.84 on Friday. Planet Labs PBC has a 12 month low of $1.73 and a 12 month high of $6.71. The firm’s 50-day moving average is $3.61 and its 200 day moving average is $4.17. The company has a market capitalization of $1.77 billion, a PE ratio of -14.24 and a beta of 1.61.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $66.27 million for the quarter, compared to analyst estimates of $62.25 million. Sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Large investors have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its stake in Planet Labs PBC by 790.6% during the 4th 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 in the last quarter. Iron Gate Global Advisors LLC purchased a new stake in shares of Planet Labs PBC during the first quarter valued at $36,000. HighTower Advisors LLC purchased a new stake in shares of Planet Labs PBC during the first quarter valued at $37,000. Forum Financial Management LP acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $39,000. Finally, Wellington Shields & Co. LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $39,000. 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.