Planet Labs PBC (NYSE:PL) Shares Gap Up – Should You Buy?

Planet Labs PBC (NYSE:PL) gapped up prior to trading on Tuesday . The stock had previously closed at $3.82, but opened at $4.17. Planet Labs PBC shares last traded at $4.34, with a volume of 1,827,606 shares changing hands.

Wall Street Analyst Weigh In

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

Planet Labs PBC Stock Down 5.0 %

The stock has a market cap of $1.32 billion, a P/E ratio of -10.82 and a beta of 1.32. The firm has a 50 day simple moving average of $3.92 and a 200-day simple moving average of $2.85.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in shares of Planet Labs PBC by 12.0% in the second quarter. Rhumbline Advisers now owns 268,380 shares of the company’s stock valued at $499,000 after acquiring an additional 28,835 shares during the period. American Century Companies Inc. boosted its holdings in Planet Labs PBC by 15.7% in the 2nd quarter. American Century Companies Inc. now owns 316,535 shares of the company’s stock valued at $589,000 after purchasing an additional 42,847 shares during the period. Renaissance Technologies LLC boosted its holdings in Planet Labs PBC by 52.2% in the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock valued at $1,117,000 after purchasing an additional 206,000 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after purchasing an additional 6,910 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Planet Labs PBC during the second quarter worth approximately $201,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.