Planet Labs PBC (NYSE:PL) Shares Up 4.8% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s share price was up 4.8% during mid-day trading on Thursday . The stock traded as high as $3.29 and last traded at $3.29. Approximately 260,261 shares were traded during trading, a decline of 85% from the average daily volume of 1,789,963 shares. The stock had previously closed at $3.14.

Analysts Set New Price Targets

A number of research firms have issued reports on PL. Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, August 16th. JMP Securities reiterated 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. Needham & Company LLC cut their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. The Goldman Sachs Group decreased their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Finally, Craig Hallum boosted 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Price Performance

The company has a 50 day simple moving average of $2.41 and a 200-day simple moving average of $2.21. The stock has a market capitalization of $1.03 billion, a P/E ratio of -7.46 and a beta of 0.97.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Barclays PLC grew its position in shares of Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after purchasing an additional 65,181 shares in the last quarter. Geode Capital Management LLC grew its stake in Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after acquiring an additional 689,888 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Planet Labs PBC during the 3rd quarter worth approximately $406,000. XTX Topco Ltd lifted its stake in Planet Labs PBC by 56.8% in the 3rd quarter. XTX Topco Ltd now owns 169,205 shares of the company’s stock worth $377,000 after purchasing an additional 61,274 shares in the last quarter. Finally, State Street Corp boosted its holdings in Planet Labs PBC by 5.7% in the 3rd 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. 41.71% of the stock is currently 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.