Planet Labs PBC’s (PL) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research report report published on Monday,Benzinga reports. The firm currently has a $8.00 price target on the stock.

Several other analysts also recently issued reports on the stock. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a research note on Monday, February 3rd. Northland Securities lifted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Citigroup upped their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Benchmark raised their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Performance

Planet Labs PBC stock opened at $3.82 on Monday. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -9.30 and a beta of 1.45. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $6.71. The stock’s 50 day moving average price is $4.90 and its two-hundred day moving average price is $3.69.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $61.89 million. During the same period in the prior year, the company earned ($0.06) earnings per share. On average, equities research analysts forecast 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 made changes to their positions in the business. Intech Investment Management LLC bought a new position in shares of Planet Labs PBC during the third quarter valued at approximately $135,000. Charles Schwab Investment Management Inc. raised its holdings in Planet Labs PBC by 13.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after purchasing an additional 201,084 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Penserra Capital Management LLC now owns 554,332 shares of the company’s stock worth $1,236,000 after purchasing an additional 78,410 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Planet Labs PBC by 17.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 84,254 shares of the company’s stock worth $188,000 after purchasing an additional 12,404 shares during the period. Finally, FMR LLC boosted its stake in shares of Planet Labs PBC by 25.3% during the 3rd quarter. FMR LLC now owns 454,339 shares of the company’s stock valued at $1,013,000 after purchasing an additional 91,690 shares in the last quarter. 41.71% of the stock is currently owned by 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.