Planet Labs PBC (NYSE:PL) Sets New 1-Year High – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $2.90 and last traded at $2.87, with a volume of 1150522 shares trading hands. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

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

Planet Labs PBC Stock Performance

The firm has a market cap of $839.35 million, a price-to-earnings ratio of -6.09 and a beta of 0.97. The business’s 50-day moving average is $2.24 and its 200-day moving average is $2.14.

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 analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to analyst estimates of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Equities research analysts expect that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PL. Perkins Coie Trust Co bought a new position in Planet Labs PBC in the second quarter valued at approximately $28,000. Algert Global LLC bought a new stake in Planet Labs PBC during the second quarter worth $38,000. Valeo Financial Advisors LLC acquired a new position in shares of Planet Labs PBC in the third quarter valued at $45,000. Vontobel Holding Ltd. increased its holdings in shares of Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Planet Labs PBC in the first quarter valued at $52,000. Institutional investors own 41.71% of the company’s stock.

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.