Goldman slashes price target on Planet Labs PBC [PL] – find out why.


Planet Labs PBC [NYSE: PL] jumped around 0.59 points on Wednesday, while shares priced at $6.23 at the close of the session, up 10.46%. The company report on January 12, 2022 that Planet to Launch 44 SuperDove Satellites on SpaceX’s Falcon 9 Rocket.

Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced that the launch of their Flock 4x, consisting of 44 SuperDove satellites, will take place on Thursday, January 13th on SpaceX’s Falcon 9 Transporter-3 SSO. This marks the first satellite launch under Planet’s new multi-year, multi-launch rideshare agreement with SpaceX.

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Planet operates the world’s largest constellation of Earth observation satellites; and with this launch, the company will have more than 240 satellites in orbit. Flock 4x is set to replenish their existing SuperDove fleet which makes up a portion of the larger constellation. The PlanetScope constellation images every terrestrial landmass on Earth by covering 350 million km² each day, providing images with approximately 3 meter per pixel resolution. This unprecedented capability provides Planet customers with daily data about Earth resources and global events.

Planet Labs PBC stock is now 1.30% up from its year-to-date (YTD) trading value. PL Stock saw the intraday high of $7.12 and lowest of $6.00 per share. The company’s 52-week high price is 12.15, which means current price is +25.86% above from all time high which was touched on 01/12/22.

Compared to the average trading volume of 2.99M shares, PL reached a trading volume of 16396215 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Planet Labs PBC [PL]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PL shares is $14.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PL stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Planet Labs PBC shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 12, 2022. While these analysts kept the previous recommendation, Wedbush raised their target price to Outperform. The new note on the price target was released on January 07, 2022, representing the official price target for Planet Labs PBC stock. Previously, the target price had yet another raise to $10, while Piper Sandler analysts kept a Overweight rating on PL stock.

The Average True Range (ATR) for Planet Labs PBC is set at 0.77, with the Price to Sales ratio for PL stock in the period of the last 12 months amounting to 12.89. The Price to Book ratio for the last quarter was 0.92, with the Price to Cash per share for the same quarter was set at 0.00.

How has PL stock performed recently?

Planet Labs PBC [PL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.33. With this latest performance, PL shares dropped by -30.00% in over the last four-week period, additionally sinking by -37.07% over the last 6 months .

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PL stock in for the last two-week period is set at 43.26, with the RSI for the last a single of trading hit 50.11, and the three-weeks RSI is set at 40.85 for Planet Labs PBC [PL]. The present Moving Average for the last 50 days of trading for this stock 8.63, while it was recorded at 5.56 for the last single week of trading.

Planet Labs PBC [PL]: Deeper insight into the fundamentals

Planet Labs PBC’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

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Insider trade positions for Planet Labs PBC [PL]

There are presently around $175 million, or 21.90% of PL stock, in the hands of institutional investors. The top three institutional holders of PL stocks are: WEISS ASSET MANAGEMENT LP with ownership of 2,420,802, which is approximately -0.745% of the company’s market cap and around 0.50% of the total institutional ownership; MILLENNIUM MANAGEMENT LLC, holding 2,206,102 shares of the stock with an approximate value of $13.74 million in PL stocks shares; and ARENA CAPITAL ADVISORS, LLC- CA, currently with $10.12 million in PL stock with ownership of nearly 277.907% of the company’s market capitalization.

56 institutional holders increased their position in Planet Labs PBC [NYSE:PL] by around 13,693,597 shares. Additionally, 28 investors decreased positions by around 5,867,028 shares, while 8 investors held positions by with 8,512,133 shares. The mentioned changes placed institutional holdings at 28,072,758 shares, according to the latest SEC report filing. PL stock had 42 new institutional investments in for a total of 9,118,511 shares, while 14 institutional investors sold positions of 3,752,789 shares during the same period.