Planet Labs PBC (NYSE:PL) Hits New 1-Year High – Here’s What Happened

Planet Labs PBC (NYSE:PL) hit a new 52-week high during mid-day trading 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.

Analyst Ratings Changes

A number of analysts have recently issued reports on PL shares. JMP Securities reaffirmed a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a research report on Thursday, September 26th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research note on Friday, August 16th. Needham & Company LLC decreased their price target 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. Craig Hallum boosted their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. Finally, The Goldman Sachs Group decreased their target price 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 investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Stock Performance

The firm has a 50 day simple moving average of $2.38 and a two-hundred day simple moving average of $2.20. The stock has a market cap of $1.01 billion, a P/E ratio of -7.05 and a beta of 0.97.

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

Institutional Trading of Planet Labs PBC

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after purchasing an additional 487,958 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Planet Labs PBC during the 2nd quarter valued at about $632,000. Finally, Vanguard Group Inc. boosted its position in shares of Planet Labs PBC by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares in 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.