Planet Labs PBC (NYSE:PL) Coverage Initiated by Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group began coverage on shares of Planet Labs PBC (NYSE:PL - Get Free Report) in a research note issued to investors on Monday, MarketBeat reports. The brokerage set a "neutral" rating and a $4.60 price target on the stock. The Goldman Sachs Group's price target points to a potential downside of 25.57% from the company's current price.

PL has been the subject of several other reports. Needham & Company LLC reiterated a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a report on Thursday, June 5th. Wedbush increased their price target 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 increased their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Finally, Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.71.

Planet Labs PBC Trading Up 1.3%

PL traded up $0.08 during midday trading on Monday, hitting $6.18. The company's stock had a trading volume of 43,908,136 shares, compared to its average volume of 4,878,293. Planet Labs PBC has a 52-week low of $1.73 and a 52-week high of $7.59. The firm has a 50-day moving average price of $4.33 and a two-hundred day moving average price of $4.34. The firm has a market cap of $1.88 billion, a P/E ratio of -17.17 and a beta of 1.80.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $66.27 million for the quarter, compared to analyst estimates of $62.25 million. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. On average, equities analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in shares of Planet Labs PBC by 2.3% during the first quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock worth $994,000 after purchasing an additional 6,692 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Planet Labs PBC by 48.9% during the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock worth $842,000 after purchasing an additional 68,465 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock worth $64,448,000 after purchasing an additional 397,153 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Planet Labs PBC during the fourth quarter worth about $793,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Planet Labs PBC during the first quarter worth about $979,000. 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.