Planet Labs PBC (NYSE:PL) Stock Price Up 6.3%

Planet Labs PBC (NYSE:PL) was up 6.3% during trading on Tuesday . The company traded as high as $2.01 and last traded at $2.01. Approximately 499,928 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,287,947 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

A number of equities analysts have issued reports on PL shares. Citigroup cut their price objective on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating on the stock in a report on Thursday, April 4th. JMP Securities reduced their price objective on shares of Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research report on Monday, April 1st. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Planet Labs PBC in a research note on Monday, April 1st. Benchmark decreased their price target on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Finally, The Goldman Sachs Group dropped their target price on shares of Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research note on Friday, April 12th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average price target of $4.68.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $610.30 million, a PE ratio of -4.12 and a beta of 0.93. The business’s 50 day moving average is $2.09 and its two-hundred day moving average is $2.23.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, March 28th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Planet Labs PBC had a negative net margin of 63.67% and a negative return on equity of 26.14%. The business had revenue of $58.85 million for the quarter, compared to analyst estimates of $57.64 million. As a group, equities research analysts predict that Planet Labs PBC will post -0.41 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its position in shares of Planet Labs PBC by 443.2% in the third quarter. GSA Capital Partners LLP now owns 959,144 shares of the company’s stock valued at $2,494,000 after acquiring an additional 782,568 shares during the period. King Luther Capital Management Corp bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $963,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Planet Labs PBC by 78.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock worth $1,341,000 after acquiring an additional 252,406 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Planet Labs PBC by 24.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,159,281 shares of the company’s stock valued at $2,863,000 after acquiring an additional 230,627 shares in the last quarter. Finally, Barclays PLC increased its position in Planet Labs PBC by 263.5% during the 3rd quarter. Barclays PLC now owns 262,813 shares of the company’s stock valued at $683,000 after purchasing an additional 190,510 shares during the period. 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.