Planet Labs PBC (NYSE:PL) Sets New 12-Month High – Still a Buy?

Planet Labs PBC (NYSE:PL)’s stock price hit a new 52-week high on Friday . The company traded as high as $3.93 and last traded at $3.90, with a volume of 474936 shares traded. The stock had previously closed at $3.82.

Analysts Set New Price Targets

PL has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, August 16th. JMP Securities reissued a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, September 26th. The Goldman Sachs Group reduced their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Needham & Company LLC dropped their target price on 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. Finally, Craig Hallum raised their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. One equities 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, the company has an average rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Price Performance

The firm’s 50-day moving average is $2.54 and its two-hundred day moving average is $2.26.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $61.09 million for the quarter, compared to analysts’ expectations 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, analysts forecast that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently bought and sold shares of the stock. Perkins Coie Trust Co purchased a new position in shares of Planet Labs PBC during the 2nd quarter worth about $28,000. Valeo Financial Advisors LLC bought a new position in shares of Planet Labs PBC during the third quarter valued at approximately $45,000. Algert Global LLC purchased a new position in Planet Labs PBC during the 2nd quarter valued at $38,000. Virtu Financial LLC purchased a new position in shares of Planet Labs PBC during the first quarter worth approximately $52,000. Finally, Vontobel Holding Ltd. grew its position in shares of Planet Labs PBC by 81.5% during the 3rd 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. 41.71% of the stock is currently owned by institutional investors.

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.