Planet Labs PBC (NYSE:PL) Shares Gap Up to $1.74

Planet Labs PBC (NYSE:PL)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $1.74, but opened at $1.78. Planet Labs PBC shares last traded at $1.74, with a volume of 217,194 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a research note on Monday, April 1st. The Goldman Sachs Group decreased their price target on shares of Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research note on Friday, April 12th. Citigroup decreased their price target on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Benchmark reduced their target price on shares of Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Finally, JMP Securities reduced their target price on shares of Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating on the stock in a research note on Monday, April 1st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and a consensus price target of $4.68.

Planet Labs PBC Trading Down 2.3 %

The firm has a market capitalization of $494.05 million, a price-to-earnings ratio of -3.41 and a beta of 0.78. The stock’s 50 day moving average price is $2.13 and its two-hundred day moving average price is $2.24.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, March 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $58.85 million for the quarter, compared to analysts’ expectations of $57.64 million. Planet Labs PBC had a negative net margin of 63.67% and a negative return on equity of 26.14%. On average, sell-side analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. 180 Wealth Advisors LLC boosted its holdings in Planet Labs PBC by 4.1% in the fourth quarter. 180 Wealth Advisors LLC now owns 119,561 shares of the company’s stock worth $285,000 after purchasing an additional 4,747 shares during the period. Victory Capital Management Inc. lifted its holdings in Planet Labs PBC by 30.9% in the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock worth $55,000 after purchasing an additional 5,284 shares during the period. Swiss National Bank lifted its holdings in Planet Labs PBC by 1.4% in the 3rd quarter. Swiss National Bank now owns 420,300 shares of the company’s stock valued at $1,093,000 after acquiring an additional 5,800 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in Planet Labs PBC by 7.2% in the 3rd quarter. Perigon Wealth Management LLC now owns 113,100 shares of the company’s stock valued at $294,000 after acquiring an additional 7,600 shares during the last quarter. Finally, Xponance Inc. acquired a new stake in Planet Labs PBC in the 4th quarter valued at about $25,000. 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.