Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Planet Labs PBC (NYSE:PL) had its price objective raised by analysts at Needham & Company LLC from $16.00 to $22.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 20.55% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup reaffirmed an “outperform” rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. Wedbush boosted their price target on shares of Planet Labs PBC from $11.00 to $17.00 and gave the company an “outperform” rating in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Planet Labs PBC from $10.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Cantor Fitzgerald boosted their target price on shares of Planet Labs PBC from $8.50 to $20.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $14.96.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $18.25 on Thursday. The business’s 50 day simple moving average is $13.12 and its 200 day simple moving average is $9.27. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $19.10. The company has a market cap of $5.62 billion, a price-to-earnings ratio of -43.45 and a beta of 2.00. The company has a current ratio of 4.00, a quick ratio of 1.75 and a debt-to-equity ratio of 1.28.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.17). Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm had revenue of $81.25 million during the quarter, compared to the consensus estimate of $72.02 million. The business’s revenue was up 32.6% compared to the same quarter last year. Sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares in the company, valued at approximately $19,977,066.50. This trade represents a 5.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 17.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently bought and sold shares of PL. Barclays PLC lifted its position in Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after purchasing an additional 3,293,333 shares during the last quarter. Invesco Ltd. raised its position in shares of Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after buying an additional 2,506,595 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Planet Labs PBC by 245.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock valued at $14,964,000 after buying an additional 1,743,474 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after acquiring an additional 1,701,535 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Planet Labs PBC by 9.7% in the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after acquiring an additional 1,637,880 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.