Planet Labs PBC (NYSE:PL) Shares Up 7.6% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares shot up 7.6% on Friday . The stock traded as high as $2.26 and last traded at $2.26. 806,579 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,731,032 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

Several equities research analysts have commented on PL shares. Needham & Company LLC dropped their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group dropped 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. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. JMP Securities restated a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a research report on Thursday, September 26th. Finally, Craig Hallum raised their price target on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Stock Performance

The stock has a market cap of $663.26 million, a P/E ratio of -4.85 and a beta of 0.98. The stock has a 50-day moving average price of $2.26 and a 200-day moving average price of $2.09.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. Sell-side analysts forecast that Planet Labs PBC will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the company. Valeo Financial Advisors LLC bought a new position in shares of Planet Labs PBC during the 3rd quarter valued at $45,000. Quent Capital LLC boosted its position in Planet Labs PBC by 59.3% during the third quarter. Quent Capital LLC now owns 80,600 shares of the company’s stock valued at $180,000 after buying an additional 30,000 shares during the period. SG Americas Securities LLC grew its stake in shares of Planet Labs PBC by 65.9% during the third quarter. SG Americas Securities LLC now owns 73,723 shares of the company’s stock valued at $164,000 after buying an additional 29,281 shares during the last quarter. Algert Global LLC purchased a new position in shares of Planet Labs PBC in the second quarter worth about $38,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after acquiring an additional 5,395 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.