Planet Labs PBC (NYSE:PL) Shares Gap Up – Still a Buy?

Planet Labs PBC (NYSE:PL)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $3.00, but opened at $3.23. Planet Labs PBC shares last traded at $3.11, with a volume of 1,124,913 shares trading hands.

Analysts Set New Price Targets

PL has been the subject of a number of research reports. Craig Hallum increased their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research note on Friday, September 6th. Needham & Company LLC lowered their price objective 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. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research note on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. Finally, The Goldman Sachs Group lowered their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Trading Up 3.7 %

The company has a market cap of $912.72 million, a PE ratio of -6.39 and a beta of 0.97. The firm’s fifty day moving average is $2.25 and its 200 day moving average is $2.15.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $61.09 million during the quarter, compared to analysts’ expectations of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perkins Coie Trust Co purchased a new stake in shares of Planet Labs PBC during the second quarter worth $28,000. Algert Global LLC purchased a new stake in shares of Planet Labs PBC during the second quarter worth $38,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC during the third quarter worth $45,000. Vontobel Holding Ltd. grew its holdings 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 worth $50,000 after buying an additional 10,000 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Planet Labs PBC during the first quarter worth $52,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.