Planet Labs PBC (NYSE:PL) Receives Buy Rating from Needham & Company LLC

Planet Labs PBC (NYSE:PL)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued on Monday,Benzinga reports. They presently have a $8.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 111.92% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. JMP Securities lifted their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research note on Thursday, January 30th. The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Northland Securities increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $6.30 target price on shares of Planet Labs PBC in a report on Friday. Finally, Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Thursday, January 30th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Price Performance

PL opened at $3.78 on Monday. The business has a 50 day moving average price of $4.88 and a two-hundred day moving average price of $3.67. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.21 and a beta of 1.45. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.71.

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

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently bought and sold shares of PL. Sterling Capital Management LLC increased its holdings in shares of Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC during the fourth quarter valued at approximately $40,000. Wedbush Securities Inc. acquired a new position in Planet Labs PBC in the 4th quarter valued at approximately $41,000. SBI Securities Co. Ltd. purchased a new stake in Planet Labs PBC in the 4th quarter worth approximately $42,000. Finally, Sciencast Management LP acquired a new stake in shares of Planet Labs PBC during the 4th quarter valued at $43,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.