Planet Labs PBC (NYSE:PL) Given New $17.00 Price Target at Wedbush

Key Points

• Wedbush has raised Planet Labs PBC's price target from $11.00 to $17.00, indicating a potential upside of 23.50% from the current stock price and maintaining an "outperform" rating.
• Planet Labs PBC reported a quarterly revenue of $73.39 million, surpassing estimates, but its earnings per share of ($0.07) missed analyst expectations.
• Recent institutional investments have surged, with Connor Clark & Lunn Investment Management increasing its stake by 245.7% and Bank of America Corp DE boosting its position by 477.9% in the second quarter.

Planet Labs PBC (NYSE:PL - Get Free Report) had its price objective hoisted by research analysts at Wedbush from $11.00 to $17.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price target would indicate a potential upside of 23.50% from the stock's current price.

PL has been the topic of a number of other reports. Citigroup restated an "outperform" rating on shares of Planet Labs PBC in a research report on Tuesday, September 9th. The Goldman Sachs Group began coverage on shares of Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price objective on the stock. JMP Securities lifted their price objective on shares of Planet Labs PBC from $8.00 to $11.00 and gave the company a "market outperform" rating in a research report on Tuesday, September 9th. Wall Street Zen upgraded shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Needham & Company LLC lifted their price objective on shares of Planet Labs PBC from $8.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of "Moderate Buy" and a consensus price target of $8.56.

Planet Labs PBC Stock Performance

Planet Labs PBC stock opened at $13.77 on Thursday. The firm's 50-day moving average is $8.18 and its 200-day moving average is $5.77. Planet Labs PBC has a 1 year low of $2.06 and a 1 year high of $14.02. The company has a market cap of $4.24 billion, a P/E ratio of -45.88 and a beta of 1.81.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results on Monday, September 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The business had revenue of $73.39 million during the quarter, compared to the consensus estimate of $65.88 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The company's quarterly revenue was up 20.1% compared to the same quarter last year. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Planet Labs PBC by 245.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company's stock worth $14,964,000 after acquiring an additional 1,743,474 shares in the last quarter. Marshall Wace LLP increased its position in shares of Planet Labs PBC by 10,305.7% in the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after acquiring an additional 1,494,744 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Planet Labs PBC in the second quarter worth approximately $7,723,000. Bank of America Corp DE increased its position in shares of Planet Labs PBC by 477.9% in the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock worth $8,233,000 after acquiring an additional 1,116,055 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its position in Planet Labs PBC by 415.4% during the second quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company's stock valued at $8,091,000 after purchasing an additional 1,068,978 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

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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