Planet Labs PBC (NYSE:PL) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research note released on Friday morning, Benzinga reports. They currently have a $7.00 price target on the stock.

A number of other research firms have also commented on PL. JMP Securities dropped their price objective on Planet Labs PBC from $5.50 to $4.00 and set a market outperform rating on the stock in a research note on Monday, April 1st. The Goldman Sachs Group dropped their price objective on Planet Labs PBC from $4.80 to $4.20 and set a buy rating on the stock in a research note on Friday, April 12th. Citigroup lowered their price target on Planet Labs PBC from $4.50 to $3.90 and set a buy rating on the stock in a research note on Thursday, April 4th. Craig Hallum lowered their price target on Planet Labs PBC from $3.00 to $2.00 and set a hold rating on the stock in a research note on Friday, June 7th. Finally, Benchmark lowered their price target on Planet Labs PBC from $5.00 to $4.00 and set a buy rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $4.30.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $1.99 on Friday. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $3.77. The business has a 50-day moving average of $1.88 and a two-hundred day moving average of $2.15. The stock has a market capitalization of $577.18 million, a P/E ratio of -4.14 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $60.44 million during the quarter, compared to the consensus estimate of $59.80 million. Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. As a group, research analysts expect that Planet Labs PBC will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the stock. Swiss National Bank grew its stake in shares of Planet Labs PBC by 1.4% in the 3rd quarter. Swiss National Bank now owns 420,300 shares of the company’s stock valued at $1,093,000 after purchasing an additional 5,800 shares during the period. SG Americas Securities LLC bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $132,000. Barclays PLC grew its stake in shares of Planet Labs PBC by 263.5% in the 3rd quarter. Barclays PLC now owns 262,813 shares of the company’s stock valued at $683,000 after purchasing an additional 190,510 shares during the period. Bleakley Financial Group LLC bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $28,000. Finally, Jeppson Wealth Management LLC bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $44,000. 41.71% of the stock is currently owned by institutional investors.

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.