Planet Labs PBC (NYSE:PL) Trading Up 6.2% – Time to Buy?

Planet Labs PBC (NYSE:PL)’s share price rose 6.2% during trading on Tuesday . The stock traded as high as $3.84 and last traded at $3.79. Approximately 301,874 shares changed hands during trading, a decline of 90% from the average daily volume of 2,952,190 shares. The stock had previously closed at $3.57.

Analysts Set New Price Targets

Several analysts recently issued reports on PL shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Tuesday, December 10th. JMP Securities reiterated a “market outperform” rating and issued a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft increased their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Craig Hallum boosted their price target on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. Finally, Citigroup raised their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average price target of $4.33.

Planet Labs PBC Trading Up 2.8 %

The stock has a market capitalization of $1.09 billion, a P/E ratio of -8.95 and a beta of 1.32. The company’s 50-day moving average is $3.72 and its two-hundred day moving average is $2.75.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC lifted its stake in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares during the last quarter. State Street Corp grew its holdings in shares of Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after acquiring an additional 230,076 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after purchasing an additional 487,958 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after buying an additional 201,084 shares during the period. 41.71% of the stock is currently owned by institutional investors.

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.