Brokerages Set Planet Labs PBC (NYSE:PL) Target Price at $35.11

Shares of Planet Labs PBC (NYSE:PL) have received an average recommendation of “Hold” from the twelve brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $35.1083.

A number of analysts have issued reports on PL shares. Craig Hallum raised their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. New Street Research began coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective for the company. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 11th. Finally, Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of PL. Vanguard Group Inc. raised its stake in Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after acquiring an additional 806,818 shares in the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of Planet Labs PBC in the 3rd quarter valued at $13,564,000. AMI Asset Management Corp bought a new stake in shares of Planet Labs PBC in the 4th quarter worth about $673,000. Jefferies Financial Group Inc. bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth about $875,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Planet Labs PBC in the 4th quarter worth about $8,457,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

Planet Labs PBC stock traded down $1.13 on Friday, reaching $26.07. 7,245,080 shares of the stock were exchanged, compared to its average volume of 13,391,987. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. The firm has a fifty day moving average price of $36.15 and a two-hundred day moving average price of $30.42. The stock has a market cap of $9.29 billion, a PE ratio of -22.87 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The firm’s quarterly revenue was up 42.1% on a year-over-year basis. Sell-side analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current year.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.