Planet Labs PBC (NYSE:PL) Shares Up 4.8% – Still a Buy?

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

Wall Street Analysts Forecast Growth

PL has been the subject of several recent analyst reports. JMP Securities reissued a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. Wedbush restated an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. Needham & Company LLC reduced their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, The Goldman Sachs Group dropped their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Price Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -7.46 and a beta of 0.97. The stock has a 50 day moving average price of $2.41 and a 200-day moving average price of $2.21.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm 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%. Research analysts predict that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Large investors have recently modified their holdings of the business. Barclays PLC lifted its holdings in Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after buying an additional 65,181 shares during the period. Geode Capital Management LLC lifted its stake in 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 Planet Labs PBC in the third quarter worth $406,000. XTX Topco Ltd boosted its holdings in Planet Labs PBC by 56.8% in the third quarter. XTX Topco Ltd now owns 169,205 shares of the company’s stock valued at $377,000 after acquiring an additional 61,274 shares in the last quarter. Finally, State Street Corp increased its position in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. 41.71% of the stock is owned by institutional investors.

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.