Planet Labs PBC (NYSE:PL) Receives “Neutral” Rating from The Goldman Sachs Group

The Goldman Sachs Group restated their neutral rating on shares of Planet Labs PBC (NYSE:PL) in a report released on Friday, Marketbeat.com reports. The Goldman Sachs Group currently has a $3.50 price target on the stock, down from their prior price target of $6.00.

A number of other research firms have also recently commented on PL. Northland Securities raised their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Citigroup increased their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Thursday, January 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of Planet Labs PBC in a report on Monday, March 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $5.98.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $3.17 on Friday. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.71. The firm has a market capitalization of $956.62 million, a P/E ratio of -7.72 and a beta of 1.56. The business has a fifty day moving average price of $4.41 and a 200-day moving average price of $3.82.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. During the same period in the previous year, the business earned ($0.06) EPS. Sell-side analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock valued at $64,448,000 after buying an additional 397,153 shares during the period. Geode Capital Management LLC raised its stake in shares of Planet Labs PBC by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock worth $19,961,000 after purchasing an additional 69,245 shares during the last quarter. State Street Corp lifted its position in Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in shares of Planet Labs PBC by 14.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company’s stock worth $8,399,000 after buying an additional 261,958 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after purchasing an additional 1,013,234 shares during the period. 41.71% of the stock is currently owned by institutional investors.

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.