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

Planet Labs PBC (NYSE:PL) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $2.90 and last traded at $2.87, with a volume of 1150522 shares changing hands. The stock had previously closed at $2.63.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, September 26th. Craig Hallum increased their price target on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research report on Friday, September 6th. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. Finally, Needham & Company LLC reduced their price target on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. 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, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Price Performance

The company has a market cap of $878.97 million, a price-to-earnings ratio of -6.62 and a beta of 0.97. The business has a fifty day simple moving average of $2.25 and a 200 day simple moving average of $2.15.

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

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PL. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after acquiring an additional 261,019 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Planet Labs PBC by 13.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after purchasing an additional 201,084 shares during the last quarter. Teramo Advisors LLC lifted its position in shares of Planet Labs PBC by 3.0% during the second quarter. Teramo Advisors LLC now owns 1,132,700 shares of the company’s stock worth $2,107,000 after purchasing an additional 32,700 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Planet Labs PBC by 9.7% during the second quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company’s stock worth $1,184,000 after purchasing an additional 56,124 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Planet Labs PBC by 52.2% in the second quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock worth $1,117,000 after acquiring an additional 206,000 shares during the last quarter. Hedge funds and other 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.