Planet Labs PBC (NYSE:PL) Reaches New 12-Month High – Should You Buy?

Planet Labs PBC (NYSE:PL)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $3.93 and last traded at $3.90, with a volume of 474936 shares changing hands. The stock had previously closed at $3.82.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PL. Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. JMP Securities restated a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a research report on Thursday, September 26th. The Goldman Sachs Group reduced their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Needham & Company LLC dropped their price target on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, Craig Hallum raised their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Planet Labs PBC has an average rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Stock Up 2.9 %

The company has a 50 day simple moving average of $2.58 and a two-hundred day simple moving average of $2.28. The company has a market capitalization of $1.15 billion, a P/E ratio of -8.36 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. As a group, research analysts expect that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds have recently added to or reduced their stakes in PL. Vanguard Group Inc. lifted its stake in Planet Labs PBC by 1.4% in the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after buying an additional 689,888 shares during the last quarter. State Street Corp raised its holdings in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC lifted its stake in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Planet Labs PBC by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after acquiring an additional 71,719 shares during the period. 41.71% of the stock is currently owned by institutional investors.

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.