Planet Labs PBC (NYSE:PL) Sets New 52-Week High – Still a Buy?

Planet Labs PBC (NYSE:PL)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $3.50 and last traded at $3.44, with a volume of 1479728 shares. The stock had previously closed at $3.32.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PL shares. The Goldman Sachs Group dropped their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Craig Hallum boosted 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. Needham & Company LLC dropped their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, September 6th. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. Finally, JMP Securities restated a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Trading Up 5.7 %

The business’s 50-day simple moving average is $2.41 and its two-hundred day simple moving average is $2.21. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -7.47 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. The firm had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. On average, analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after purchasing an additional 5,395 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after buying an additional 6,215 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in Planet Labs PBC by 11.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after buying an additional 6,910 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Planet Labs PBC by 13.0% in the second quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock worth $193,000 after acquiring an additional 11,951 shares in the last quarter. Institutional investors and hedge funds 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.