New Planet Labs Price Target as Wall Street Reevaluates
Several analysts are taking a new look at the Earth imaging company after earnings and we've got a new target price.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
Another victory lap?
Not really, but it's been another beyond outstanding year for the "Stocks Under $10" crowd.
Current SU$10 name and Sarge-folio holding Planet Labs (PL) reported the firm's fiscal third quarter earnings on Wednesday evening. I updated my thoughts on the stock ahead of the opening for the "Stocks Under $10" crowd and for Dougie's crew at the Diary ahead of the opening bell in New York. I placed a $17 target price on the stock at that time. The shares traded up 35% on Thursday, closing at $17.47.
Reminder to readers: Part of market discipline is to take a little something off of positions when target prices are breached. There will be other opportunities to add. Don't worry about preserving net basis at times like this. You've done the homework, and nothing hurts more than getting a target price right and somehow fumbling the chance to profit when you are correct about something.
Planet Labs Price Targets Since Earnings
- Dan Ives of Wedbush (five stars at TipRanks) reiterated his "outperform" rating on PL, while increasing his target price from $17 to $20
- Ryan Koontz of Needham (five stars at TipRanks) reiterated his "buy" rating on PL, while increasing his target price from $16 to $22
- Jeff Van Rhee of Craig-Hallum (five stars at TipRanks) reiterated his "buy" rating on PL, as well as his $20 target price
- Michael Latimore of Northland (five stars at TipRanks) reiterated his "buy" rating on PL, while increasing his target price from $16 to $17
- Edison Yu of Deutsche Bank (four stars at TipRanks) reiterated his "buy" rating on PL, while increasing his target price from $16 to $17
- Gregory Pendy of Clear Street (three stars at TipRanks) reiterated his "buy" rating on PL, while increasing his target price from $14 to $16
- John Godyn of Citigroup (two stars at TipRanks) initiated a "buy" rating on PL with a $19 target price
Planet Labs Chart Update
Readers will see that besides a now technically overbought reading for relative strength that PL runs with an overtly bullish looking daily MACD. In addition, the stock has now experienced a swing traders' or mini golden cross. That's when the 21-day EMA moves above a rising 50-day SMA. Rock and roll.
Our upside pivot now becomes the early October high. That said, do not be surprised to see an attempt made at some point to fill the gap that was created on the chart just on Thursday. PL needs to trade at $13.24 or lower to fill that gap. That's when I'll buy back the shares that I sold when my target was taken.
Target Price: $21 (up from $17)
Pivot: $16.78 (October high)
Add: Close to $13.24 (gap fill)
Panic: Loss of November low ($10.52)
Rocket Lab Pierces Target Too!
I am holding my fire on this one.
Yes, of course, I am taking a little something off now that my $65 target price has been reached. That said, before we go raising our target price yet again, let's make sure that the stock does not come in from here and complete that head-and-shoulders pattern. We can always raise the target again next week if we have to. T
he reason I am dragging my feet on this is that the next target price could be much higher and I don't want to get ahead of myself.
At the time of publication, Guilfoyle was long PL and RKLB equity.
