Planet Labs PBC (NYSE:PL) Given New $5.00 Price Target at Needham & Company LLC

Planet Labs PBC (NYSE:PL) had its price objective cut by equities research analysts at Needham & Company LLC from $7.00 to $5.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 100.00% from the stock’s current price.

A number of other equities analysts have also commented on PL. Craig Hallum dropped their price objective on Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday, June 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 27th. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.14.

Planet Labs PBC Stock Up 0.8 %

Shares of Planet Labs PBC stock opened at $2.50 on Friday. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $3.32. The stock has a 50 day moving average price of $2.26 and a two-hundred day moving average price of $2.11. The stock has a market capitalization of $726.93 million, a P/E ratio of -5.21 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $60.44 million during the quarter, compared to analyst estimates of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same quarter in the previous year, the business posted ($0.13) earnings per share. Sell-side analysts anticipate that Planet Labs PBC will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently bought and sold shares of the business. Perkins Coie Trust Co acquired a new stake in Planet Labs PBC during the second quarter worth $28,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Planet Labs PBC during the fourth quarter valued at $34,000. Algert Global LLC bought a new position in shares of Planet Labs PBC during the second quarter valued at $38,000. Virtu Financial LLC bought a new position in shares of Planet Labs PBC during the first quarter valued at $52,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Planet Labs PBC by 30.9% during the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock valued at $55,000 after acquiring an additional 5,284 shares during the period. 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.