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

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $3.93 and last traded at $3.90, with a volume of 474936 shares traded. The stock had previously closed at $3.82.

Wall Street Analyst Weigh In

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

Planet Labs PBC Trading Up 2.9 %

The business has a 50 day simple moving average of $2.58 and a two-hundred day simple moving average of $2.27. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -8.37 and a beta of 0.97.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued 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 net margin of 57.71% and a negative return on equity of 26.87%. The business had revenue of $61.09 million for the quarter, compared to analyst estimates of $61.57 million. Research analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Perkins Coie Trust Co acquired a new position in shares of Planet Labs PBC in the 2nd quarter worth approximately $28,000. Valeo Financial Advisors LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $45,000. Algert Global LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter worth approximately $38,000. Virtu Financial LLC bought a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $52,000. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after purchasing an additional 10,000 shares during the last quarter. 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.