Planet Labs PBC (NYSE:PL) Stock Rating Upgraded by Craig Hallum

Planet Labs PBC (NYSE:PL) was upgraded by Craig Hallum from a “hold” rating to a “buy” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $7.00 price objective on the stock. Craig Hallum’s price objective would indicate a potential upside of 15.23% from the company’s previous close.

Several other equities research analysts have also recently issued reports on PL. Citigroup lifted their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Northland Securities boosted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Cantor Fitzgerald began coverage on Planet Labs PBC in a report on Friday, January 24th. They set an “overweight” rating and a $6.30 target price on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $5.64.

Planet Labs PBC Price Performance

NYSE PL opened at $6.08 on Thursday. The stock’s 50 day simple moving average is $4.19 and its 200-day simple moving average is $2.99. The company has a market cap of $1.80 billion, a PE ratio of -14.82 and a beta of 1.32. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.36.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Planet Labs PBC by 119.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after buying an additional 487,958 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after buying an additional 400,000 shares during the last quarter. Van ECK Associates Corp boosted its stake in Planet Labs PBC by 244.3% during the fourth quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock worth $2,102,000 after buying an additional 369,206 shares during the period. Finally, State Street Corp increased its position in shares of Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after acquiring an additional 230,076 shares during the last quarter. Hedge funds and other institutional investors 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.