Planet Labs PBC (NYSE:PL) Hits New 12-Month High – Should You Buy?

Planet Labs PBC (NYSE:PL)’s stock price hit a new 52-week high on Friday . The company traded as high as $3.50 and last traded at $3.44, with a volume of 1479728 shares traded. The stock had previously closed at $3.32.

Analysts Set New Price Targets

A number of research firms have weighed in on PL. Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. The Goldman Sachs Group lowered their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Craig Hallum increased their target price on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. JMP Securities reissued a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a research note 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 analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Stock Performance

The business has a fifty day simple moving average of $2.38 and a 200 day simple moving average of $2.20. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -7.05 and a beta of 0.97.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Perkins Coie Trust Co purchased a new position in Planet Labs PBC in the second quarter valued at about $28,000. Algert Global LLC purchased a new position in Planet Labs PBC in the second quarter valued at about $38,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC during the third quarter worth about $45,000. Vontobel Holding Ltd. increased 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 worth $50,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Planet Labs PBC during the first quarter worth about $52,000. 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.