Planet Labs PBC (NYSE:PL) Trading 7.8% Higher – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) traded up 7.8% during trading on Monday . The stock traded as high as $4.06 and last traded at $4.09. 858,403 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,267,691 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PL. The Goldman Sachs Group raised their price target on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a report on Monday. Citigroup upped their price target 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. Benchmark boosted their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a research report on Friday, March 21st. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Performance

The business has a 50 day moving average of $4.90 and a two-hundred day moving average of $3.69. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -9.71 and a beta of 1.45.

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

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock worth $8,140,000 after purchasing an additional 1,013,234 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Planet Labs PBC by 227.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock worth $5,127,000 after buying an additional 880,966 shares in the last quarter. Geode Capital Management LLC raised its position in Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after buying an additional 689,888 shares during the last quarter. Baird Financial Group Inc. bought a new position in Planet Labs PBC during the 4th quarter valued at $2,568,000. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after buying an additional 487,958 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.