Planet Labs PBC (NYSE:PL) Price Target Raised to $7.00

Planet Labs PBC (NYSE:PL) had its target price upped by Citigroup from $5.00 to $7.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a report on Thursday. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $3.50 price objective (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, Wedbush raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $6.38.

Planet Labs PBC Trading Down 2.0%

NYSE PL opened at $5.84 on Friday. Planet Labs PBC has a 12 month low of $1.73 and a 12 month high of $6.71. The stock has a market cap of $1.77 billion, a PE ratio of -14.24 and a beta of 1.61. The stock’s 50 day moving average is $3.61 and its 200 day moving average is $4.17.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $66.27 million for the quarter, compared to analysts’ expectations of $62.25 million. On average, analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Planet Labs PBC by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company’s stock worth $54,802,000 after purchasing an additional 261,171 shares during the period. Geode Capital Management LLC lifted its stake in Planet Labs PBC by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock worth $19,961,000 after purchasing an additional 69,245 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Planet Labs PBC by 14.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company’s stock valued at $8,399,000 after buying an additional 261,958 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Planet Labs PBC by 101.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after buying an additional 1,013,234 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Planet Labs PBC by 8.0% during the fourth quarter. Northern Trust Corp now owns 1,966,504 shares of the company’s stock valued at $7,945,000 after buying an additional 145,123 shares during the last quarter. 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.