Planet Labs PBC (NYSE:PL) Reaches New 1-Year High - Here's What Happened

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $2.90 and last traded at $2.87, with a volume of 1150522 shares changing hands. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group decreased their price objective on Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating on the stock in a report on Tuesday, September 10th. JMP Securities restated a "market outperform" rating and set a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, September 26th. Craig Hallum boosted their target price on Planet Labs PBC from $2.00 to $2.50 and gave the stock a "hold" rating in a report on Friday, September 6th. Needham & Company LLC decreased their price target on Planet Labs PBC from $7.00 to $5.00 and set a "buy" rating for the company in a research note on Friday, September 6th. Finally, Wedbush reiterated an "outperform" rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $3.93.

Planet Labs PBC Trading Up 14.3 %

The firm has a fifty day simple moving average of $2.24 and a 200 day simple moving average of $2.14.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. The business had revenue of $61.09 million during the quarter, compared to analyst estimates of $61.57 million. As a group, equities analysts predict that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PL. Perkins Coie Trust Co acquired a new position in Planet Labs PBC in the second quarter valued at approximately $28,000. Algert Global LLC purchased a new position in Planet Labs PBC in the second quarter worth $38,000. Valeo Financial Advisors LLC acquired a new stake in Planet Labs PBC in the third quarter valued at $45,000. Vontobel Holding Ltd. grew its holdings in Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Planet Labs PBC in the first quarter valued at $52,000. Hedge funds and other 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.