Planet Labs PBC’s (PL) Buy Rating Reiterated at Needham & Company LLC

Planet Labs PBC (NYSE:PL)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $8.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 101.01% from the company’s current price.

Several other equities research analysts have also recently commented on PL. Benchmark boosted their price target 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. Cantor Fitzgerald restated an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. The Goldman Sachs Group upped their price objective on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Finally, Citigroup increased their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Down 0.5 %

PL stock opened at $3.98 on Monday. The company has a 50 day moving average of $4.90 and a two-hundred day moving average of $3.69. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -9.71 and a beta of 1.45. 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 announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. During the same quarter in the prior year, the business posted ($0.06) earnings per share. On average, research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. ArrowMark Colorado Holdings LLC increased its stake in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after acquiring an additional 400,000 shares during the period. JPMorgan Chase & Co. increased its position in shares of Planet Labs PBC by 90.2% during the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after purchasing an additional 184,111 shares during the period. Aspiring Ventures LLC acquired a new position in shares of Planet Labs PBC in the fourth quarter valued at $849,000. Barclays PLC lifted its position in Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares during the period. Finally, State Street Corp boosted its stake in Planet Labs PBC by 5.7% during 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 in the last quarter. Institutional investors own 41.71% of the company’s stock.

About Planet Labs PBC

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.