Planet Labs PBC (NYSE:PL) Shares Up 5.3% - Here's What Happened

Planet Labs PBC (NYSE:PL - Get Free Report) was up 5.3% on Tuesday . The stock traded as high as $3.30 and last traded at $3.31. Approximately 1,158,946 shares changed hands during trading, a decline of 67% from the average daily volume of 3,479,402 shares. The stock had previously closed at $3.14.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PL shares. Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Benchmark increased their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of Planet Labs PBC in a research report on Monday, March 24th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $6.30 target price on shares of Planet Labs PBC in a research note on Friday, March 21st. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $5.98.

Planet Labs PBC Stock Performance

The firm has a fifty day simple moving average of $4.11 and a 200 day simple moving average of $3.84. The company has a market capitalization of $974.76 million, a PE ratio of -7.87 and a beta of 1.56.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $61.55 million for the quarter, compared to analysts' expectations of $61.89 million. During the same quarter in the prior year, the business posted ($0.06) EPS. Research analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently modified their holdings of PL. Sterling Capital Management LLC lifted its holdings in Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after buying an additional 6,072 shares during the period. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC in the 4th quarter worth $40,000. Wedbush Securities Inc. purchased a new stake in shares of Planet Labs PBC during the 4th quarter worth $41,000. SBI Securities Co. Ltd. bought a new stake in Planet Labs PBC during the fourth quarter valued at about $42,000. Finally, Sciencast Management LP bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at about $43,000. 41.71% of the stock is currently owned by institutional investors.

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.