Planet Labs PBC (NYSE:PL) Reaches New 1-Year High – Here’s What Happened

Planet Labs PBC (NYSE:PL) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $5.20 and last traded at $5.24, with a volume of 3900344 shares changing hands. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, January 17th. Citigroup increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. JMP Securities reissued a “market outperform” rating and issued a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Craig Hallum lifted their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a report on Tuesday, December 10th. Finally, Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC in a research note on Friday. They issued an “overweight” rating and a $6.30 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.54.

Planet Labs PBC Stock Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of -13.23 and a beta of 1.32. The stock has a 50-day moving average price of $4.00 and a two-hundred day moving average price of $2.89.

Institutional Trading of Planet Labs PBC

A number of institutional investors and hedge funds have recently bought and sold shares of PL. American Century Companies Inc. raised its stake in shares of Planet Labs PBC by 15.7% in the second quarter. American Century Companies Inc. now owns 316,535 shares of the company’s stock worth $589,000 after purchasing an additional 42,847 shares during the last quarter. Renaissance Technologies LLC raised its position in Planet Labs PBC by 52.2% in the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock worth $1,117,000 after buying an additional 206,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in 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 valued at $121,000 after acquiring an additional 6,910 shares during the period. XTX Topco Ltd purchased a new stake in shares of Planet Labs PBC during the 2nd quarter valued at about $201,000. Finally, Squarepoint Ops LLC grew its stake in shares of Planet Labs PBC by 343.7% in the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock worth $320,000 after acquiring an additional 133,307 shares during the period. 41.71% of the stock is currently owned by 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.