Planet Labs PBC (NYSE:PL) Shares Up 5.3% – Still a Buy?

Planet Labs PBC (NYSE:PL)’s stock price shot up 5.3% on Monday . The company traded as high as $5.23 and last traded at $5.30. 1,288,436 shares were traded during trading, a decline of 71% from the average session volume of 4,473,289 shares. The stock had previously closed at $5.03.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald lifted their price target on shares of Planet Labs PBC from $6.30 to $8.50 and gave the company an “overweight” rating in a report on Tuesday. Wall Street Zen upgraded Planet Labs PBC from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Wedbush raised their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, June 5th. The Goldman Sachs Group reiterated a “neutral” rating and set a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research report on Thursday, June 5th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Planet Labs PBC has a consensus rating of “Moderate Buy” and a consensus target price of $6.60.

Planet Labs PBC Stock Performance

The stock has a fifty day simple moving average of $4.11 and a two-hundred day simple moving average of $4.28. The stock has a market cap of $1.69 billion, a PE ratio of -15.46 and a beta of 1.61.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $62.25 million. On average, equities analysts predict that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC raised its position in shares of Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares in the last quarter. Iron Gate Global Advisors LLC bought a new stake in shares of Planet Labs PBC in the first quarter worth $36,000. HighTower Advisors LLC acquired a new stake in Planet Labs PBC in the first quarter valued at $37,000. Forum Financial Management LP bought a new position in Planet Labs PBC during the 1st quarter valued at $39,000. Finally, Wellington Shields & Co. LLC acquired a new position in Planet Labs PBC during the 1st quarter worth $39,000. Institutional investors and hedge funds 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.