Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume - Should You Buy?

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) saw strong trading volume on Friday . 7,229,104 shares traded hands during mid-day trading, an increase of 57% from the previous session's volume of 4,598,808 shares.The stock last traded at $6.53 and had previously closed at $6.06.

Analyst Ratings Changes

A number of equities analysts have issued reports on PL shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.50 price target (up previously from $6.30) on shares of Planet Labs PBC in a research note on Tuesday. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Citigroup lifted their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Wedbush increased their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $6.60.

Planet Labs PBC Stock Up 2.2%

The company's 50-day moving average is $4.21 and its two-hundred day moving average is $4.30. The company has a market cap of $1.88 billion, a P/E ratio of -17.26 and a beta of 1.61.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its 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 firm had revenue of $66.27 million for the quarter, compared to analysts' expectations 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, analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PL. Sterling Capital Management LLC boosted its holdings in shares of Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after acquiring an additional 6,072 shares during the period. Iron Gate Global Advisors LLC purchased a new stake in Planet Labs PBC during the 1st quarter worth about $36,000. HighTower Advisors LLC bought a new position in Planet Labs PBC in the 1st quarter worth about $37,000. Forum Financial Management LP purchased a new position in Planet Labs PBC during the 1st quarter valued at about $39,000. Finally, Wellington Shields & Co. LLC purchased a new position in Planet Labs PBC during the 1st quarter valued at about $39,000. 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.

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