Planet Labs PBC (NYSE:PL) Stock Price Up 5.7% - Still a Buy?

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

Analysts Set New Price Targets

PL has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wedbush raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They issued a "neutral" rating and a $4.60 target price for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $8.00 target price on shares of Planet Labs PBC in a report on Thursday, June 5th. Two research 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 company has a consensus rating of "Moderate Buy" and a consensus price target of $6.71.

Planet Labs PBC Stock Performance

The stock's 50-day simple moving average is $4.97 and its two-hundred day simple moving average is $4.51. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -17.89 and a beta of 1.80.

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 42.58% and a negative return on equity of 23.36%. The company had revenue of $66.27 million for the quarter, compared to analyst estimates of $62.25 million. As a group, research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently made changes to their positions in the stock. Xponance Inc. increased its stake in shares of Planet Labs PBC by 12.0% during the 4th quarter. Xponance Inc. now owns 14,959 shares of the company's stock worth $60,000 after purchasing an additional 1,608 shares during the last quarter. Mackenzie Financial Corp increased its position in Planet Labs PBC by 32.1% during the 1st quarter. Mackenzie Financial Corp now owns 13,364 shares of the company's stock worth $45,000 after purchasing an additional 3,245 shares in the last quarter. Summit Investment Advisors Inc. increased its position in Planet Labs PBC by 19.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company's stock valued at $91,000 after acquiring an additional 3,753 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Planet Labs PBC by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company's stock worth $496,000 after buying an additional 5,785 shares during the period. Finally, Sterling Capital Management LLC increased its position in shares of 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 buying an additional 6,072 shares during the period. Institutional investors 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.

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