Planet Labs PBC (NYSE:PL) Price Target Cut to $5.00 by Analysts at Needham & Company LLC

Planet Labs PBC (NYSE:PL) had its price target decreased by Needham & Company LLC from $7.00 to $5.00 in a research note published on Friday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

Several other analysts have also issued reports on the stock. JMP Securities reaffirmed a market outperform rating and set a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 27th. Wedbush reaffirmed an outperform rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, Craig Hallum reduced their price target on Planet Labs PBC from $3.00 to $2.00 and set a hold rating for the company in a report on Friday, June 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Planet Labs PBC presently has an average rating of Moderate Buy and an average price target of $4.20.

Planet Labs PBC Stock Performance

Shares of NYSE PL opened at $1.78 on Friday. The stock has a 50 day moving average price of $2.26 and a 200 day moving average price of $2.11. The stock has a market capitalization of $517.57 million, a PE ratio of -3.71 and a beta of 1.00. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $3.15.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. The company had revenue of $60.44 million for the quarter, compared to the consensus estimate of $59.80 million. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, research analysts forecast that Planet Labs PBC will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

A number of large investors have recently made changes to their positions in PL. Algert Global LLC bought a new stake in shares of Planet Labs PBC in the second quarter valued at about $38,000. The Manufacturers Life Insurance Company boosted its holdings in Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after purchasing an additional 5,395 shares during the period. Squarepoint Ops LLC grew its position in shares of Planet Labs PBC by 343.7% during the 2nd quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock worth $320,000 after purchasing an additional 133,307 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Planet Labs PBC during the second quarter worth approximately $201,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in shares of Planet Labs PBC by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after buying an additional 6,910 shares during the period. Institutional investors own 41.71% of the company’s stock.

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.