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

Needham & Company LLC reaffirmed their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research note issued to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a $8.00 price objective on the stock.

Other analysts have also recently issued reports about the stock. Benchmark raised their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. The Goldman Sachs Group restated a “neutral” rating and set a $3.50 price target (down from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $6.38.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $5.84 on Thursday. The firm’s 50 day simple moving average is $3.61 and its 200-day simple moving average is $4.16. The company has a market cap of $1.77 billion, a P/E ratio of -14.24 and a beta of 1.61. Planet Labs PBC has a fifty-two week low of $1.73 and a fifty-two week high of $6.71.

Planet Labs PBC (NYSE:PL) last released its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. On average, analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in PL. Jennison Associates LLC acquired a new stake in Planet Labs PBC in the fourth quarter valued at approximately $638,000. Van ECK Associates Corp raised its position in shares of Planet Labs PBC by 244.3% in the fourth quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock valued at $2,102,000 after purchasing an additional 369,206 shares during the period. Rhumbline Advisers raised its position in shares of Planet Labs PBC by 5.0% in the fourth quarter. Rhumbline Advisers now owns 287,258 shares of the company’s stock valued at $1,161,000 after purchasing an additional 13,580 shares during the period. Bank of New York Mellon Corp raised its position in shares of Planet Labs PBC by 4.3% in the fourth quarter. Bank of New York Mellon Corp now owns 573,055 shares of the company’s stock valued at $2,315,000 after purchasing an additional 23,861 shares during the period. Finally, Crown Wealth Group LLC bought a new position in shares of Planet Labs PBC in the fourth quarter valued at approximately $78,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.