Planet Labs PBC (NYSE:PL) Shares Gap Up – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) gapped up prior to trading on Wednesday . The stock had previously closed at $3.73, but opened at $3.97. Planet Labs PBC shares last traded at $4.01, with a volume of 874,080 shares changing hands.

Analyst Ratings Changes

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

Planet Labs PBC Trading Up 4.3 %

The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -9.49 and a beta of 1.32. The firm’s 50 day simple moving average is $3.75 and its 200-day simple moving average is $2.77.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC acquired a new position in shares of Planet Labs PBC during the 2nd quarter worth $38,000. Valeo Financial Advisors LLC acquired a new position in shares of Planet Labs PBC during the 3rd quarter worth $45,000. Vontobel Holding Ltd. grew its stake in shares of Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after purchasing an additional 10,000 shares during the period. nVerses Capital LLC acquired a new position in shares of Planet Labs PBC during the 3rd quarter worth $61,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake 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 during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

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.