Planet Labs PBC (NYSE:PL) Receives $3.93 Consensus Target Price from Brokerages

Shares of Planet Labs PBC (NYSE:PL) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $3.93.

A number of research firms recently weighed in on PL. Craig Hallum upped their target price on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. Needham & Company LLC decreased their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group cut their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after acquiring an additional 261,019 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Planet Labs PBC in the 1st quarter valued at about $164,000. PEAK6 Investments LLC lifted its stake in shares of Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock valued at $765,000 after buying an additional 207,558 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Planet Labs PBC during the second quarter worth $632,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Planet Labs PBC in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $2.24 on Monday. The stock has a market capitalization of $651.33 million, a P/E ratio of -4.67 and a beta of 1.00. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $2.89. The company has a 50 day moving average price of $2.30 and a 200 day moving average price of $2.10.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. The company had revenue of $61.09 million during the quarter, compared to analysts’ expectations of $61.57 million. On average, research analysts forecast that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

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.