Needham & Company LLC Reiterates “Buy” Rating for Planet Labs PBC (NYSE:PL)

Needham & Company LLC reiterated their buy rating on shares of Planet Labs PBC (NYSE:PL) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $5.00 price objective on the stock.

PL has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft upped their target price 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. JMP Securities reaffirmed a “market outperform” rating and set a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Craig Hallum boosted their target price 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 increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Price Performance

PL stock opened at $3.82 on Friday. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -9.30 and a beta of 1.32. The company has a fifty day moving average price of $3.82 and a 200 day moving average price of $2.80. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $4.99.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently made changes to their positions in PL. ArrowMark Colorado Holdings LLC grew its holdings in shares of Planet Labs PBC by 28.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares during the period. Barclays PLC grew its holdings in Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after purchasing an additional 65,181 shares during the last quarter. State Street Corp increased its position in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after buying an additional 230,076 shares in the last quarter. Geode Capital Management LLC raised its stake 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 buying an additional 689,888 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after acquiring an additional 487,958 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.