JMP Securities Increases Planet Labs PBC (NYSE:PL) Price Target to $8.00

Planet Labs PBC (NYSE:PL - Get Free Report) had its price target upped by JMP Securities from $6.50 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' price target indicates a potential upside of 22.59% from the company's current price.

PL has been the subject of several other reports. The Goldman Sachs Group assumed coverage on Planet Labs PBC in a report on Monday, June 30th. They set a "neutral" rating and a $4.60 price objective for the company. Wedbush raised their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Citigroup raised their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 5th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $6.86.

Planet Labs PBC Stock Down 7.2%

NYSE PL traded down $0.50 on Tuesday, reaching $6.53. 5,680,337 shares of the stock traded hands, compared to its average volume of 5,303,132. The firm's fifty day simple moving average is $5.21 and its 200 day simple moving average is $4.58. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -18.10 and a beta of 1.80. Planet Labs PBC has a 12 month low of $1.76 and a 12 month high of $7.72.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $66.27 million during the quarter, compared to analyst estimates of $62.25 million. Planet Labs PBC had a negative return on equity of 23.36% and a negative net margin of 42.58%. As a group, equities research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in PL. Dimensional Fund Advisors LP grew its holdings in shares of Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after buying an additional 1,013,234 shares during the period. JPMorgan Chase & Co. boosted its stake in Planet Labs PBC by 227.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock worth $5,127,000 after purchasing an additional 880,966 shares during the period. Liontrust Investment Partners LLP boosted its stake in Planet Labs PBC by 175.0% in the 1st quarter. Liontrust Investment Partners LLP now owns 1,066,133 shares of the company's stock worth $3,604,000 after purchasing an additional 678,486 shares during the period. Goldman Sachs Group Inc. boosted its stake in Planet Labs PBC by 54.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after purchasing an additional 653,173 shares during the period. Finally, Baird Financial Group Inc. acquired a new position in Planet Labs PBC in the 4th quarter worth $2,568,000. Institutional investors and hedge funds 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.

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