Planet Labs PBC (NYSE:PL) Trading Up 5.3% – Time to Buy?

Planet Labs PBC (NYSE:PL)’s stock price rose 5.3% on Tuesday . The stock traded as high as $3.30 and last traded at $3.31. Approximately 1,158,946 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 3,479,402 shares. The stock had previously closed at $3.14.

Analyst Ratings Changes

A number of analysts have recently issued reports on PL shares. JMP Securities lifted their price target on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price target on shares of Planet Labs PBC in a report on Monday, March 24th. 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 report on Thursday, January 30th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.98.

Planet Labs PBC Stock Up 4.5 %

The firm’s fifty day moving average is $4.35 and its two-hundred day moving average is $3.83. The firm has a market cap of $991.38 million, a P/E ratio of -8.00 and a beta of 1.56.

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 firm 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 company posted ($0.06) EPS. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Trading of Planet Labs PBC

Institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC grew its position in Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after purchasing an additional 6,072 shares during the period. Monterey Private Wealth Inc. bought a new stake in shares of Planet Labs PBC in the fourth quarter worth $40,000. Wedbush Securities Inc. purchased a new stake in Planet Labs PBC during the fourth quarter valued at $41,000. SBI Securities Co. Ltd. bought a new position in Planet Labs PBC in the fourth quarter valued at about $42,000. Finally, Sciencast Management LP purchased a new position in Planet Labs PBC in the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.