Planet Labs PBC (NYSE:PL) Shares Gap Up After Analyst Upgrade

Planet Labs PBC (NYSE:PLGet Rating) gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $8.00 to $9.00. The stock had previously closed at $5.42, but opened at $5.86. Needham & Company LLC currently has a buy rating on the stock. Planet Labs PBC shares last traded at $6.18, with a volume of 98,680 shares trading hands.

Several other equities research analysts have also recently issued reports on the stock. Benchmark reduced their price objective on shares of Planet Labs PBC from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. Craig Hallum lowered their target price on shares of Planet Labs PBC from $15.00 to $10.00 in a research note on Wednesday, June 15th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $10.17.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds have recently modified their holdings of the stock. Westside Investment Management Inc. purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $11,200,000. GoalVest Advisory LLC purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $41,000. Quantbot Technologies LP purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $45,000. Fingerlakes Wealth Management Inc. purchased a new stake in Planet Labs PBC in the 2nd quarter worth approximately $43,000. Finally, Kestra Advisory Services LLC purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $51,000. Institutional investors and hedge funds own 25.44% of the company’s stock.

Planet Labs PBC Price Performance

The company has a 50-day simple moving average of $5.42 and a 200 day simple moving average of $5.25.

Planet Labs PBC (NYSE:PLGet Rating) last announced its earnings results on Tuesday, June 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.02. The business had revenue of $40.13 million for the quarter, compared to analysts’ expectations of $39.46 million. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.71 earnings per share for the current year.

Planet Labs PBC Company Profile

(Get Rating)

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.

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