Planet Labs PBC (NYSE:PL) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Planet Labs PBC has received an average recommendation of “Moderate Buy” from ten analysts, with nine ratings indicating buy recommendations and one hold recommendation.
• The company's stock price target among analysts varies, with JMP Securities setting a price target of $8.00 and Goldman Sachs placing it at $4.60.
• Planet Labs PBC reported earnings per share of ($0.04), surpassing analyst estimates and showing a quarter revenue of $66.27 million compared to expected revenue of $62.25 million.

Planet Labs PBC (NYSE:PL - Get Free Report) has earned an average recommendation of "Moderate Buy" from the ten analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $6.86.

A number of equities analysts recently weighed in on PL shares. JMP Securities boosted their price target on shares of Planet Labs PBC from $6.50 to $8.00 and gave the stock a "market outperform" rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald restated an "overweight" rating and set a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research report on Monday, June 30th. They set a "neutral" rating and a $4.60 price target on the stock. Wedbush boosted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Finally, 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.

Planet Labs PBC Stock Up 1.8%

Shares of NYSE PL opened at $6.77 on Thursday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -18.81 and a beta of 1.80. Planet Labs PBC has a 52-week low of $1.76 and a 52-week high of $7.72. The company's 50-day simple moving average is $6.17 and its 200-day simple moving average is $4.86.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The firm 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%. Equities research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its stake in shares of Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock valued at $28,000 after acquiring an additional 6,072 shares during the period. Iron Gate Global Advisors LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $36,000. HighTower Advisors LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $37,000. Forum Financial Management LP purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $39,000. Finally, Wellington Shields & Co. LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $39,000. 41.71% of the stock is owned by hedge funds and other 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.

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