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

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Craig Hallum increased their price target on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. The Goldman Sachs Group lowered their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Needham & Company LLC lowered their price objective 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. 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. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $878.97 million, a PE ratio of -6.62 and a beta of 0.97. The business’s 50 day simple moving average is $2.25 and its 200 day simple moving average is $2.15.

Planet Labs PBC (NYSE:PL) last released its 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 during the quarter, compared to the consensus estimate of $61.57 million. Analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the business. Perkins Coie Trust Co purchased a new stake in shares of Planet Labs PBC in the 2nd quarter valued at $28,000. Algert Global LLC acquired a new position in Planet Labs PBC during the second quarter worth $38,000. Valeo Financial Advisors LLC acquired a new position in Planet Labs PBC during the third quarter worth $45,000. Vontobel Holding Ltd. raised its position in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares during the period. Finally, Virtu Financial LLC acquired a new position in Planet Labs PBC during the first quarter worth $52,000. 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.