Wall Street Zen Upgrades Planet Labs PBC (NYSE:PL) to "Hold"

Planet Labs PBC (NYSE:PL - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts have also weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday, March 21st. 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. Citigroup upped 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 report on Friday. Wedbush lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $6.38.

Planet Labs PBC Stock Down 2.0%

Shares of PL stock traded down $0.12 during trading on Friday, reaching $5.84. 20,427,886 shares of the company's stock were exchanged, compared to its average volume of 4,156,079. The stock has a market capitalization of $1.77 billion, a PE ratio of -14.24 and a beta of 1.61. The firm's fifty day moving average price is $3.61 and its 200-day moving average price is $4.16. Planet Labs PBC has a twelve month low of $1.73 and a twelve month high of $6.71.

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

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its stake in shares of Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after buying an additional 1,013,234 shares during the period. JPMorgan Chase & Co. boosted its holdings in Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock worth $5,127,000 after acquiring an additional 880,966 shares in the last quarter. Liontrust Investment Partners LLP grew its stake in Planet Labs PBC by 175.0% in the first quarter. Liontrust Investment Partners LLP now owns 1,066,133 shares of the company's stock valued at $3,604,000 after acquiring an additional 678,486 shares during the period. Goldman Sachs Group Inc. grew its stake in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after acquiring an additional 653,173 shares during the period. Finally, Baird Financial Group Inc. bought a new stake in shares of Planet Labs PBC during the fourth quarter valued at approximately $2,568,000. 41.71% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.