Planet Labs PBC (NYSE:PL) Shares Gap Up – Still a Buy?

Planet Labs PBC (NYSE:PL)’s share price gapped up before the market opened on Monday . The stock had previously closed at $4.16, but opened at $4.44. Planet Labs PBC shares last traded at $4.23, with a volume of 2,151,380 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on PL shares. Needham & Company LLC reduced their price target on shares of 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. The Goldman Sachs Group reduced their target price on shares of 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 reissued a “market outperform” rating and issued a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research note on Monday. Craig Hallum raised their price objective 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 reissued 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 assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $4.00.

Planet Labs PBC Stock Down 2.2 %

The company has a market capitalization of $1.19 billion, a PE ratio of -8.49 and a beta of 1.33. The stock’s fifty day moving average price is $2.79 and its two-hundred day moving average price is $2.36.

Planet Labs PBC (NYSE:PL) last released 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 business had revenue of $61.09 million for 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%. On average, equities research analysts forecast that Planet Labs PBC will post -0.41 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC bought a new position in Planet Labs PBC in the 3rd quarter worth $45,000. Algert Global LLC purchased a new position in shares of Planet Labs PBC during the second quarter valued at about $38,000. Vontobel Holding Ltd. raised its stake in Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after buying an additional 10,000 shares in the last quarter. nVerses Capital LLC purchased a new stake in Planet Labs PBC in the third quarter worth about $61,000. Finally, SG Americas Securities LLC boosted its position in Planet Labs PBC by 234.6% during the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after acquiring an additional 31,160 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other 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.