Planet Labs PBC (NYSE:PL) Price Target Raised to $22.00

Planet Labs PBC (NYSE:PL) had its price target increased by Needham & Company LLC from $16.00 to $22.00 in a report published on Thursday, Marketbeat.com reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on PL. JMP Securities reissued a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Cantor Fitzgerald lifted their target price on shares of Planet Labs PBC from $8.50 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Wedbush boosted their price objective on Planet Labs PBC from $11.00 to $17.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $10.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.96.

Planet Labs PBC Price Performance

Shares of PL opened at $18.25 on Thursday. The company has a quick ratio of 1.75, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a market cap of $5.62 billion, a PE ratio of -43.45 and a beta of 2.00. Planet Labs PBC has a 12-month low of $2.79 and a 12-month high of $19.10. The business has a 50-day simple moving average of $13.12 and a two-hundred day simple moving average of $9.30.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17). Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm had revenue of $81.25 million for the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC’s revenue for the quarter was up 32.6% compared to the same quarter last year. Analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 81,656 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the completion of the sale, the insider directly owned 1,288,843 shares of the company’s stock, valued at approximately $19,977,066.50. The trade was a 5.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PL. Wealth Enhancement Advisory Services LLC raised its position in Planet Labs PBC by 2.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock valued at $406,000 after buying an additional 781 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Planet Labs PBC by 3.6% in the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after purchasing an additional 896 shares during the last quarter. Ariadne Wealth Management LP lifted its position in shares of Planet Labs PBC by 8.8% during the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after purchasing an additional 905 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in Planet Labs PBC by 4.5% during the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock worth $281,000 after purchasing an additional 925 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its position in Planet Labs PBC by 0.8% in the 3rd quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock worth $1,908,000 after purchasing an additional 1,114 shares in the last quarter. 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.