Planet Labs PBC (NYSE:PL) Shares Gap Up – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price gapped up prior to trading on Monday . The stock had previously closed at $3.93, but opened at $4.20. Planet Labs PBC shares last traded at $4.11, with a volume of 3,207,574 shares.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PL. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. Needham & Company LLC cut their price target on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JMP Securities restated a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a research note on Thursday, September 26th. The Goldman Sachs Group cut their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Stock Performance

The stock has a 50 day moving average of $2.67 and a two-hundred day moving average of $2.31. The stock has a market cap of $1.29 billion, a PE ratio of -9.35 and a beta of 1.34.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $61.09 million during the quarter, compared to analysts’ expectations of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Analysts expect that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after acquiring an additional 261,019 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares in the last quarter. State Street Corp lifted its holdings in shares of Planet Labs PBC by 5.7% during the 3rd 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 last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Planet Labs PBC by 28.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after buying an additional 400,000 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Planet Labs PBC by 4.1% in the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock worth $4,105,000 after buying an additional 71,719 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.