Cantor Fitzgerald Reiterates Overweight Rating for Planet Labs PBC (NYSE:PL)

Planet Labs PBC (NYSE:PL)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a note issued to investors on Friday,Benzinga reports. They presently have a $6.30 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 81.35% from the company’s current price.

A number of other research firms have also recently commented on PL. Citigroup increased their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Needham & Company LLC upped their target price on Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. The Goldman Sachs Group lifted their target price on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Thursday, January 30th. Finally, Benchmark boosted their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Down 18.1 %

PL traded down $0.77 during trading on Friday, hitting $3.47. The company’s stock had a trading volume of 5,878,353 shares, compared to its average volume of 3,218,396. The firm’s 50 day moving average price is $4.88 and its two-hundred day moving average price is $3.64. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.43 and a beta of 1.45. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $6.71.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The business had revenue of $61.55 million for the quarter, compared to the consensus estimate of $61.89 million. During the same period in the previous year, the company posted ($0.06) earnings per share. On average, sell-side analysts forecast that Planet Labs PBC will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after purchasing an additional 1,013,234 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Planet Labs PBC by 227.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after buying an additional 880,966 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after buying an additional 689,888 shares during the period. Baird Financial Group Inc. purchased a new position in Planet Labs PBC during the fourth quarter valued at $2,568,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Planet Labs PBC by 119.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after purchasing an additional 487,958 shares in the last quarter. Hedge funds and other 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.