Planet Labs PBC’s (PL) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

Several other research firms have also recently weighed in on PL. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. JMP Securities boosted their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Citigroup boosted their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Performance

Planet Labs PBC stock opened at $3.82 on Monday. The stock has a 50-day simple moving average of $4.90 and a 200 day simple moving average of $3.69. The stock has a market capitalization of $1.13 billion, a P/E ratio of -9.30 and a beta of 1.45. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.71.

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

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ArrowMark Colorado Holdings LLC increased its holdings in shares of Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after buying an additional 400,000 shares in the last quarter. JPMorgan Chase & Co. raised its position in Planet Labs PBC by 90.2% in the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after purchasing an additional 184,111 shares during the last quarter. Aspiring Ventures LLC acquired a new stake in shares of Planet Labs PBC during the fourth quarter valued at about $849,000. Barclays PLC grew its holdings in shares of Planet Labs PBC by 25.0% during the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after buying an additional 230,076 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.