Planet Labs PBC (NYSE:PL – Get Free Report)’s share price gapped down prior to trading on Friday after Needham & Company LLC lowered their price target on the stock from $7.00 to $5.00. The stock had previously closed at $2.48, but opened at $2.23. Needham & Company LLC currently has a buy rating on the stock. Planet Labs PBC shares last traded at $1.96, with a volume of 2,096,587 shares trading hands.
PL has been the subject of several other reports. JMP Securities restated a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. Finally, Craig Hallum reduced their price target on Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday, June 7th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.20.
Institutional Investors Weigh In On Planet Labs PBC
Several large investors have recently added to or reduced their stakes in PL. Perkins Coie Trust Co acquired a new stake in Planet Labs PBC in the second quarter worth $28,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Planet Labs PBC in the 4th quarter valued at about $34,000. Algert Global LLC bought a new stake in Planet Labs PBC in the 2nd quarter valued at about $38,000. Virtu Financial LLC acquired a new position in Planet Labs PBC during the 1st quarter worth approximately $52,000. Finally, Victory Capital Management Inc. boosted its holdings in Planet Labs PBC by 30.9% in the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock worth $55,000 after acquiring an additional 5,284 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.
Planet Labs PBC Stock Down 28.2 %
The stock has a market cap of $517.57 million, a price-to-earnings ratio of -3.71 and a beta of 1.00. The stock has a 50 day simple moving average of $2.26 and a 200 day simple moving average of $2.11.
Planet Labs PBC (NYSE:PL – Get Free Report) last posted its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. The business had revenue of $60.44 million during the quarter, compared to analyst estimates of $59.80 million. During the same period in the previous year, the business posted ($0.13) EPS. Equities analysts expect that Planet Labs PBC will post -0.4 earnings per share for the current year.
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.