Planet Labs PBC (NYSE:PL) Shares Gap Up to $1.74

Planet Labs PBC (NYSE:PL)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.74, but opened at $1.78. Planet Labs PBC shares last traded at $1.74, with a volume of 217,194 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. The Goldman Sachs Group decreased their target price on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating for the company in a research report on Friday, April 12th. Citigroup decreased their target price on Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a research report on Thursday, April 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 target price on shares of Planet Labs PBC in a research report on Monday, April 1st. JMP Securities decreased their target price on Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research report on Monday, April 1st. Finally, Benchmark cut their price target on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.68.

Planet Labs PBC Trading Down 2.3 %

The business’s fifty day simple moving average is $2.13 and its 200-day simple moving average is $2.24. The firm has a market cap of $494.05 million, a P/E ratio of -3.41 and a beta of 0.78.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, March 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $58.85 million for the quarter, compared to analysts’ expectations of $57.64 million. Planet Labs PBC had a negative net margin of 63.67% and a negative return on equity of 26.14%. As a group, research analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Xponance Inc. purchased a new position in Planet Labs PBC in the fourth quarter worth $25,000. Navalign LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $28,000. Bleakley Financial Group LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $28,000. Simplicity Solutions LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $28,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $34,000. Institutional investors 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.