Planet Labs PBC (NYSE:PL) Trading Up 5.3% - Should You Buy?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price traded up 5.3% on Monday . The company traded as high as $5.23 and last traded at $5.30. 1,288,436 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 4,473,289 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PL shares. Citigroup lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Friday, June 6th. The Goldman Sachs Group restated a "neutral" rating and issued a $3.50 price objective (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 set a $6.30 target price on shares of Planet Labs PBC in a report on Friday, March 21st. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Planet Labs PBC has a consensus rating of "Moderate Buy" and a consensus target price of $6.38.

Planet Labs PBC Price Performance

The business has a 50-day simple moving average of $4.02 and a two-hundred day simple moving average of $4.26. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -14.24 and a beta of 1.61.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company 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%. As a group, equities analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC raised its holdings in Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock valued at $28,000 after acquiring an additional 6,072 shares during the period. Iron Gate Global Advisors LLC acquired a new position in shares of Planet Labs PBC in the first quarter valued at approximately $36,000. HighTower Advisors LLC bought a new position in shares of Planet Labs PBC during the first quarter worth approximately $37,000. Forum Financial Management LP bought a new position in shares of Planet Labs PBC during the first quarter worth approximately $39,000. Finally, Wellington Shields & Co. LLC acquired a new stake in Planet Labs PBC during the 1st quarter worth approximately $39,000. 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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