Planet Labs PBC (NYSE:PL) Shares Up 7.8% – Time to Buy?

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

Analyst Ratings Changes

A number of analysts have issued reports on PL shares. The Goldman Sachs Group raised their target price on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. Needham & Company LLC restated a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research report on Monday. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Thursday, January 30th. Citigroup raised their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Benchmark raised their target price on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Trading Up 7.4 %

The company has a 50 day moving average price of $4.88 and a 200 day moving average price of $3.67. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.93 and a beta of 1.45.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PL. Dimensional Fund Advisors LP grew its stake in Planet Labs PBC by 101.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after acquiring an additional 1,013,234 shares during the period. JPMorgan Chase & Co. grew its stake in Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after acquiring an additional 880,966 shares during the period. Geode Capital Management LLC grew its stake in Planet Labs PBC by 16.5% in 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 during the period. Baird Financial Group Inc. acquired a new position in Planet Labs PBC in the fourth quarter valued at about $2,568,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Planet Labs PBC by 119.8% in the third 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. 41.71% of the stock is 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.