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:PLFree Report) in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a $7.00 price objective on the stock.

Several other equities analysts have also issued reports on PL. Benchmark reduced their price target on Planet Labs PBC from $5.00 to $4.00 and set a buy rating on the stock in a research report on Tuesday, April 2nd. JMP Securities decreased their target price on shares of Planet Labs PBC from $5.50 to $4.00 and set a market outperform rating on the stock in a research note on Monday, April 1st. Citigroup dropped their price target on shares of Planet Labs PBC from $4.50 to $3.90 and set a buy rating for the company in a research report on Thursday, April 4th. The Goldman Sachs Group decreased their price objective on shares of Planet Labs PBC from $4.80 to $4.20 and set a buy rating on the stock in a research report on Friday, April 12th. Finally, Craig Hallum lowered their price objective on shares of Planet Labs PBC from $3.00 to $2.00 and set a hold rating for the company in a research note on Friday, June 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of Moderate Buy and a consensus target price of $4.30.

Read Our Latest Report on Planet Labs PBC

Planet Labs PBC Stock Performance

Shares of PL opened at $1.98 on Friday. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $3.77. The firm has a market cap of $575.72 million, a price-to-earnings ratio of -4.12 and a beta of 0.97. The firm has a 50 day moving average price of $1.88 and a 200-day moving average price of $2.14.

Planet Labs PBC (NYSE:PLGet Free Report) last posted its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. The business had revenue of $60.44 million during the quarter, compared to the consensus estimate of $59.80 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, equities research analysts predict that Planet Labs PBC will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently made changes to their positions in PL. Barclays PLC raised its holdings in Planet Labs PBC by 263.5% in the third quarter. Barclays PLC now owns 262,813 shares of the company’s stock worth $683,000 after purchasing an additional 190,510 shares in the last quarter. Swiss National Bank increased its stake in shares of Planet Labs PBC by 1.4% in the 3rd quarter. Swiss National Bank now owns 420,300 shares of the company’s stock worth $1,093,000 after acquiring an additional 5,800 shares in the last quarter. Pathstone Family Office LLC bought a new position in shares of Planet Labs PBC in the 3rd quarter worth about $166,000. Deutsche Bank AG lifted its position in Planet Labs PBC by 1.5% during the 3rd quarter. Deutsche Bank AG now owns 802,528 shares of the company’s stock valued at $2,087,000 after acquiring an additional 12,163 shares during the period. Finally, Brandywine Global Investment Management LLC boosted its stake in Planet Labs PBC by 2.0% during the third quarter. Brandywine Global Investment Management LLC now owns 543,400 shares of the company’s stock worth $1,413,000 after acquiring an additional 10,500 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Planet Labs PBC (NYSE:PL)

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