Planet Labs PBC (NYSE:PL) Shares Gap Up - Should You Buy?

Planet Labs PBC (NYSE:PL - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $3.00, but opened at $3.23. Planet Labs PBC shares last traded at $3.11, with a volume of 1,124,913 shares changing hands.

Wall Street Analyst Weigh In

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

Planet Labs PBC Stock Performance

The company has a market capitalization of $878.97 million, a price-to-earnings ratio of -6.62 and a beta of 0.97. The business's 50 day moving average price is $2.25 and its two-hundred day moving average price is $2.15.

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

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in PL. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC in the first quarter worth $164,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Planet Labs PBC by 2.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company's stock valued at $1,495,000 after buying an additional 13,075 shares during the period. Vanguard Group Inc. raised its position 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 during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Planet Labs PBC in the first quarter worth approximately $66,000. Finally, PEAK6 Investments LLC boosted its holdings in Planet Labs PBC by 224.2% in the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company's stock valued at $765,000 after acquiring an additional 207,558 shares during the last quarter. 41.71% of the stock is currently owned by 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.