Planet Labs PBC (NYSE:PL) Earns “Buy” Rating from Needham & Company LLC

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

Several other equities research analysts have also issued reports on the stock. Benchmark boosted their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.38.

Planet Labs PBC Price Performance

NYSE:PL opened at $5.84 on Thursday. The stock has a market cap of $1.77 billion, a P/E ratio of -14.24 and a beta of 1.61. Planet Labs PBC has a one year low of $1.73 and a one year high of $6.71. The company has a fifty day moving average price of $3.61 and a 200 day moving average price of $4.16.

Planet Labs PBC (NYSE:PL) last released its earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $66.27 million during the quarter, compared to analysts’ expectations of $62.25 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. As a group, equities research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in PL. Jennison Associates LLC acquired a new stake in shares of Planet Labs PBC in the 4th quarter valued at $638,000. Van ECK Associates Corp boosted its stake in shares of Planet Labs PBC by 244.3% in the 4th quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock valued at $2,102,000 after purchasing an additional 369,206 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Planet Labs PBC by 5.0% in the 4th quarter. Rhumbline Advisers now owns 287,258 shares of the company’s stock valued at $1,161,000 after purchasing an additional 13,580 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Planet Labs PBC by 4.3% in the 4th quarter. Bank of New York Mellon Corp now owns 573,055 shares of the company’s stock valued at $2,315,000 after purchasing an additional 23,861 shares in the last quarter. Finally, Crown Wealth Group LLC acquired a new stake in shares of Planet Labs PBC in the 4th quarter valued at $78,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.