Planet Labs PBC (NYSE:PL) Earns "Buy" Rating from Needham & Company LLC

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $8.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 33.67% from the stock's previous close.

A number of other brokerages have also commented on PL. Benchmark raised their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. The Goldman Sachs Group restated a "neutral" rating and set a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday, March 21st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $6.18.

Planet Labs PBC Stock Performance

PL traded up $2.00 during trading on Thursday, reaching $5.99. The company had a trading volume of 68,263,819 shares, compared to its average volume of 4,078,947. The firm's 50-day simple moving average is $3.51 and its 200 day simple moving average is $4.12. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -14.60 and a beta of 1.61. Planet Labs PBC has a 12-month low of $1.73 and a 12-month high of $6.71.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. 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 $66.27 million during the quarter, compared to analyst estimates of $62.25 million. On average, sell-side analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently made changes to their positions in the company. Xponance Inc. lifted its holdings in Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company's stock worth $60,000 after purchasing an additional 1,608 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Planet Labs PBC by 32.1% in the 1st quarter. Mackenzie Financial Corp now owns 13,364 shares of the company's stock worth $45,000 after purchasing an additional 3,245 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Planet Labs PBC by 19.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company's stock worth $91,000 after purchasing an additional 3,753 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Planet Labs PBC by 4.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company's stock worth $496,000 after purchasing an additional 5,785 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its holdings 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 last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.