Planet Labs PBC (NYSE:PL) Trading Up 10.5% - Should You Buy?

Planet Labs PBC (NYSE:PL - Get Free Report) was up 10.5% on Thursday . The company traded as high as $6.84 and last traded at $6.79. Approximately 6,101,228 shares were traded during trading, a decline of 8% from the average daily volume of 6,644,012 shares. The stock had previously closed at $6.14.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PL shares. Wall Street Zen upgraded shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $8.50 target price (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Needham & Company LLC restated a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a report on Thursday, June 5th. The Goldman Sachs Group assumed coverage on Planet Labs PBC in a report on Monday. They set a "neutral" rating and a $4.60 price objective on the stock. Finally, Wedbush boosted their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.71.

Planet Labs PBC Stock Up 11.1%

The stock has a fifty day moving average of $4.52 and a 200-day moving average of $4.38. The firm has a market capitalization of $2.07 billion, a P/E ratio of -18.95 and a beta of 1.80.

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

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PL. Rhumbline Advisers grew its stake in Planet Labs PBC by 5.0% in the fourth quarter. Rhumbline Advisers now owns 287,258 shares of the company's stock valued at $1,161,000 after purchasing an additional 13,580 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Planet Labs PBC by 4.3% in the 4th quarter. Bank of New York Mellon Corp now owns 573,055 shares of the company's stock valued at $2,315,000 after buying an additional 23,861 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Planet Labs PBC in the fourth quarter valued at $42,000. Charles Schwab Investment Management Inc. grew its stake in shares of Planet Labs PBC by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,770,146 shares of the company's stock valued at $7,151,000 after buying an additional 37,600 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Planet Labs PBC during the fourth quarter worth $1,648,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.