Planet Labs PBC (NYSE:PL) Shares Gap Up - Time to Buy?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.84, but opened at $4.02. Planet Labs PBC shares last traded at $3.83, with a volume of 922,238 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wedbush raised their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday. Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of Planet Labs PBC in a research report on Thursday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Finally, Benchmark lifted their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Planet Labs PBC has an average rating of "Moderate Buy" and an average target price of $6.18.

Planet Labs PBC Price Performance

The stock's 50-day moving average is $3.51 and its 200-day moving average is $4.12. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -14.60 and a beta of 1.61.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced 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 net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $66.27 million for the quarter, compared to analyst estimates of $62.25 million. Analysts predict that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Hedge funds have recently bought and sold shares of the company. Sterling Capital Management LLC boosted its position in Planet Labs PBC by 790.6% during 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 last quarter. Iron Gate Global Advisors LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $36,000. HighTower Advisors LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $37,000. Forum Financial Management LP acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $39,000. Finally, Wellington Shields & Co. LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 41.71% of the company's stock.

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.