Planet Labs PBC (NYSE:PL – Get Rating)’s share price was up 5.7% on Wednesday after Needham & Company LLC raised their price target on the stock from $8.00 to $9.00. Needham & Company LLC currently has a buy rating on the stock. Planet Labs PBC traded as high as $6.53 and last traded at $6.50. Approximately 17,750 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 2,778,807 shares. The stock had previously closed at $6.15.
Several other equities analysts have also issued reports on the stock. Benchmark dropped their target price on shares of Planet Labs PBC from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, June 15th. Craig Hallum dropped their price objective on shares of Planet Labs PBC from $15.00 to $10.00 in a report on Wednesday, June 15th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Buy” and a consensus price target of $10.17.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Westside Investment Management Inc. bought a new position in Planet Labs PBC in the 1st quarter worth approximately $11,200,000. Perigon Wealth Management LLC boosted its holdings in Planet Labs PBC by 2.8% in the 2nd quarter. Perigon Wealth Management LLC now owns 102,559 shares of the company’s stock worth $444,000 after buying an additional 2,800 shares during the period. 180 Wealth Advisors LLC lifted its stake in Planet Labs PBC by 25.3% in the 1st quarter. 180 Wealth Advisors LLC now owns 16,159 shares of the company’s stock worth $92,000 after purchasing an additional 3,259 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Planet Labs PBC by 34.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 17,511 shares of the company’s stock worth $76,000 after purchasing an additional 4,480 shares in the last quarter. Finally, GoalVest Advisory LLC purchased a new stake in Planet Labs PBC in the 1st quarter worth approximately $41,000. 25.44% of the stock is owned by institutional investors.
Planet Labs PBC Stock Up 8.0 %
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The company’s 50 day simple moving average is $5.42 and its 200-day simple moving average is $5.25.
Planet Labs PBC (NYSE:PL – Get Rating) last posted its quarterly earnings data on Tuesday, June 14th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.02. The company had revenue of $40.13 million for the quarter, compared to analysts’ expectations of $39.46 million. As a group, equities analysts anticipate that Planet Labs PBC will post -0.71 earnings per share for the current fiscal year.
About Planet Labs PBC
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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