Planet Labs PBC (NYSE:PL) Shares Up 7.8% - Still a Buy?

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) shot up 7.8% on Monday . The stock traded as high as $4.06 and last traded at $4.09. 858,403 shares were traded during trading, a decline of 74% from the average session volume of 3,267,691 shares. The stock had previously closed at $3.79.

Analyst Ratings Changes

PL has been the topic of a number of recent research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Deutsche Bank Aktiengesellschaft increased their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research note on Tuesday, December 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Monday. Craig Hallum upgraded shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target on the stock in a research report on Thursday, January 30th. Finally, Citigroup increased their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a report on Monday, December 16th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $6.27.

Planet Labs PBC Stock Down 6.0 %

The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -8.55 and a beta of 1.45. The firm's 50 day moving average is $4.89 and its 200 day moving average is $3.69.

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Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The company had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same quarter last year, the company posted ($0.06) EPS. On average, sell-side analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its position in shares of Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after acquiring an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC in the 4th quarter valued at approximately $40,000. Wedbush Securities Inc. acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at about $41,000. SBI Securities Co. Ltd. bought a new position in Planet Labs PBC in the 4th quarter worth approximately $42,000. Finally, Sciencast Management LP acquired a new position in shares of Planet Labs PBC during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds 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.