Planet Labs PBC (NYSE:PL) Shares Gap Up - Should You Buy?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.43, but opened at $6.25. Planet Labs PBC shares last traded at $5.63, with a volume of 10,563,941 shares.

Analysts Set New Price Targets

PL has been the subject of several recent analyst reports. Wedbush increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a research note on Friday, March 21st. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 5th. Finally, Citigroup increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $6.38.

Planet Labs PBC Stock Up 0.4%

The stock has a market cap of $1.65 billion, a P/E ratio of -13.29 and a beta of 1.61. The stock has a fifty day simple moving average of $3.79 and a 200-day simple moving average of $4.21.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $66.27 million for the quarter, compared to analysts' expectations of $62.25 million. Sell-side 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

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Planet Labs PBC by 1.6% during the first quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company's stock worth $54,802,000 after purchasing an additional 261,171 shares during the period. Geode Capital Management LLC raised its position in shares of Planet Labs PBC by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company's stock worth $19,961,000 after purchasing an additional 69,245 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Planet Labs PBC by 14.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company's stock worth $8,399,000 after purchasing an additional 261,958 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Planet Labs PBC by 101.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock worth $8,140,000 after purchasing an additional 1,013,234 shares during the period. Finally, Northern Trust Corp raised its position in shares of Planet Labs PBC by 8.0% during the fourth 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. Institutional investors and hedge funds own 41.71% of the company's stock.

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.