Planet Labs PBC (NYSE:PL) Shares Gap Up – Should You Buy?

Planet Labs PBC (NYSE:PL)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $3.93, but opened at $4.20. Planet Labs PBC shares last traded at $4.11, with a volume of 3,207,574 shares.

Analysts Set New Price Targets

PL has been the subject of several recent analyst reports. Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. The Goldman Sachs Group reduced their target price on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. Craig Hallum raised their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research report on Friday, September 6th. JMP Securities reissued a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. Finally, Needham & Company LLC cut their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Trading Up 12.2 %

The business has a 50-day moving average price of $2.58 and a 200 day moving average price of $2.28. The stock has a market cap of $1.29 billion, a PE ratio of -9.04 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. On average, equities analysts predict that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Perkins Coie Trust Co purchased a new position in shares of Planet Labs PBC during the 2nd quarter worth about $28,000. Valeo Financial Advisors LLC bought a new position in Planet Labs PBC during the 3rd quarter worth about $45,000. Algert Global LLC purchased a new position in Planet Labs PBC during the second quarter valued at approximately $38,000. Virtu Financial LLC bought a new position in shares of Planet Labs PBC in the 1st quarter worth $52,000. Finally, Vontobel Holding Ltd. lifted its position in shares of Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after buying an additional 10,000 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other 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.