Wedbush Boosts Planet Labs PBC (NYSE:PL) Price Target to $7.00

Planet Labs PBC (NYSE:PL - Get Free Report) had its price target lifted by equities research analysts at Wedbush from $5.00 to $7.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wedbush's price objective points to a potential upside of 16.96% from the stock's previous close.

Several other research firms also recently commented on PL. Benchmark upped their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Cantor Fitzgerald restated an "overweight" rating and set a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research note on Thursday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $6.18.

Planet Labs PBC Stock Performance

Shares of NYSE 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 stock has a market cap of $1.81 billion, a PE ratio of -14.60 and a beta of 1.61. The business's 50 day moving average price is $3.56 and its 200-day moving average price is $4.14. Planet Labs PBC has a 52 week low of $1.73 and a 52 week high of $6.71.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $66.27 million during the quarter, compared to analysts' expectations of $62.25 million. Equities analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Planet Labs PBC by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock valued at $64,448,000 after purchasing an additional 397,153 shares in the last quarter. Deutsche Bank AG grew its stake in Planet Labs PBC by 48.9% during the 4th quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock valued at $842,000 after purchasing an additional 68,465 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at about $793,000. Barclays PLC lifted its holdings in shares of Planet Labs PBC by 12.8% in the 4th quarter. Barclays PLC now owns 367,735 shares of the company's stock valued at $1,485,000 after buying an additional 41,588 shares during the period. Finally, Northern Trust Corp raised its holdings in Planet Labs PBC by 8.0% in the 4th quarter. Northern Trust Corp now owns 1,966,504 shares of the company's stock worth $7,945,000 after purchasing an additional 145,123 shares during the period. 41.71% of the stock is owned by institutional investors.

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.