Planet Labs PBC’s (PL) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Planet Labs PBC (NYSE:PL) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $8.00 price objective on the stock.

A number of other brokerages have also recently weighed in on PL. JMP Securities lifted their price target on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research 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 upped their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a research report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Planet Labs PBC presently has an average rating of “Moderate Buy” and an average target price of $5.98.

Planet Labs PBC Price Performance

Shares of PL opened at $3.93 on Wednesday. Planet Labs PBC has a 1-year low of $1.73 and a 1-year high of $6.71. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -9.57 and a beta of 1.56. The firm has a 50 day simple moving average of $3.55 and a 200-day simple moving average of $4.00.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The firm had revenue of $61.55 million during the quarter, compared to analysts’ expectations 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) earnings per share. On average, equities analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Planet Labs PBC by 1.6% in the first quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company’s stock valued at $54,802,000 after buying an additional 261,171 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Planet Labs PBC by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock worth $19,961,000 after acquiring an additional 69,245 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in Planet Labs PBC by 14.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company’s stock worth $8,399,000 after purchasing an additional 261,958 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Planet Labs PBC by 101.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after purchasing an additional 1,013,234 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Planet Labs PBC by 8.0% in the 4th quarter. Northern Trust Corp now owns 1,966,504 shares of the company’s stock worth $7,945,000 after acquiring an additional 145,123 shares in the last quarter. 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.