Planet Labs PBC (NYSE:PL) Stock Price Up 7.5% Following Analyst Upgrade

Planet Labs PBC (NYSE:PL)’s share price was up 7.5% during mid-day trading on Friday after JMP Securities raised their price target on the stock from $4.50 to $6.50. JMP Securities currently has a market outperform rating on the stock. Planet Labs PBC traded as high as $6.21 and last traded at $6.26. Approximately 5,450,676 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 6,367,423 shares. The stock had previously closed at $5.82.

PL has been the subject of several other research reports. Northland Securities boosted their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Cantor Fitzgerald started coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price target on the stock. Needham & Company LLC lifted their price objective on Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC presently has an average rating of “Buy” and a consensus price target of $5.64.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Algert Global LLC bought a new position in shares of Planet Labs PBC during the 2nd quarter valued at $38,000. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at about $40,000. Valeo Financial Advisors LLC purchased a new position in shares of Planet Labs PBC in the third quarter worth about $45,000. Vontobel Holding Ltd. lifted its stake in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC purchased a new stake in Planet Labs PBC during the 4th quarter valued at about $55,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Performance

The firm has a 50-day moving average of $4.24 and a 200-day moving average of $3.02. The firm has a market capitalization of $1.80 billion, a P/E ratio of -14.82 and a beta of 1.32.

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.