Planet Labs PBC (NYSE:PL) Stock Price Up 5.7% - What's Next?

Planet Labs PBC (NYSE:PL - Get Free Report) shares shot up 5.7% during trading on Tuesday . The stock traded as high as $6.54 and last traded at $6.55. 4,011,377 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 5,165,076 shares. The stock had previously closed at $6.20.

Wall Street Analyst Weigh In

Several research firms have recently commented on PL. Wedbush raised their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 5th. The Goldman Sachs Group initiated coverage on Planet Labs PBC in a report on Monday, June 30th. They set a "neutral" rating and a $4.60 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Planet Labs PBC presently has an average rating of "Moderate Buy" and an average target price of $6.71.

Planet Labs PBC Price Performance

The firm has a 50-day simple moving average of $5.15 and a two-hundred day simple moving average of $4.55. The company has a market cap of $2.00 billion, a PE ratio of -18.26 and a beta of 1.80.

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

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in PL. Dimensional Fund Advisors LP grew its position in 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 valued at $8,140,000 after acquiring an additional 1,013,234 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Planet Labs PBC by 227.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock worth $5,127,000 after purchasing an additional 880,966 shares in the last quarter. Liontrust Investment Partners LLP lifted its stake in shares of Planet Labs PBC by 175.0% during the first quarter. Liontrust Investment Partners LLP now owns 1,066,133 shares of the company's stock worth $3,604,000 after purchasing an additional 678,486 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after purchasing an additional 653,173 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new position in shares of Planet Labs PBC during the fourth quarter worth about $2,568,000. Hedge funds and other institutional investors 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.