Planet Labs PBC (NYSE:PL) Sees Strong Trading Volume - Still a Buy?

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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wedbush lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Cantor Fitzgerald reissued an "overweight" rating and set a $8.50 target price (up previously from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a research note on Thursday, June 5th. The Goldman Sachs Group started coverage on Planet Labs PBC in a report on Monday. They set a "neutral" rating and a $4.60 price target for the company. Finally, Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.71.

Planet Labs PBC Stock Performance

The company has a 50 day moving average of $4.26 and a 200-day moving average of $4.32. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -16.94 and a beta of 1.61.

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

Institutional Investors Weigh In On Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in PL. Rhumbline Advisers increased 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 acquiring an additional 6,692 shares during the period. Deutsche Bank AG increased its holdings in Planet Labs PBC by 48.9% during the 4th 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 period. Vanguard Group Inc. increased its holdings 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 worth $64,448,000 after purchasing an additional 397,153 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Planet Labs PBC in the 4th quarter valued at about $793,000. Finally, Barclays PLC boosted its stake 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. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.