Planet Labs PBC (NYSE:PL) Hits New 1-Year High – Here’s What Happened

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group lowered their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Craig Hallum upped 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 note on Friday, September 6th. Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a report on Thursday, September 26th. Finally, Needham & Company LLC dropped their target price on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Price Performance

The firm has a 50-day simple moving average of $2.58 and a 200-day simple moving average of $2.28. The firm has a market capitalization of $1.15 billion, a PE ratio of -8.36 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data 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). The business had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Equities analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

Several hedge funds have recently bought and sold shares of PL. Vanguard Group Inc. increased its stake in shares of 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 in the last quarter. Geode Capital Management LLC boosted its holdings in Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after buying an additional 689,888 shares during the period. State Street Corp increased its stake in Planet Labs PBC by 5.7% in the 3rd 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. ArrowMark Colorado Holdings LLC raised its holdings 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. Finally, Franklin Resources Inc. lifted its position in shares of Planet Labs PBC by 4.1% in the third 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 in the last quarter. Institutional investors own 41.71% of the company’s stock.

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.