Planet Labs PBC (NYSE:PL) Earns Overweight Rating from Cantor Fitzgerald

Planet Labs PBC (NYSE:PL)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a report issued on Friday,Benzinga reports. They currently have a $6.30 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 81.35% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a report on Thursday, January 30th. Needham & Company LLC lifted their price target on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. JMP Securities raised their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Benchmark upped their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Stock Performance

Planet Labs PBC stock traded down $0.77 during mid-day trading on Friday, reaching $3.47. 5,878,353 shares of the company were exchanged, compared to its average volume of 3,218,396. The firm has a market cap of $1.03 billion, a P/E ratio of -8.43 and a beta of 1.45. The business has a fifty day moving average of $4.88 and a 200 day moving average of $3.64. 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 issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The firm had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same period in the prior year, the firm posted ($0.06) EPS. Sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock valued at $64,448,000 after acquiring an additional 397,153 shares during the period. Geode Capital Management LLC boosted its holdings in Planet Labs PBC by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock worth $19,961,000 after acquiring an additional 69,245 shares during the period. State Street Corp grew its position in Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after acquiring an additional 230,076 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake 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 purchasing an additional 261,958 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position 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 worth $8,140,000 after purchasing an additional 1,013,234 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

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.