Cantor Fitzgerald Initiates Coverage on Planet Labs PBC (NYSE:PL)

Investment analysts at Cantor Fitzgerald initiated coverage on shares of Planet Labs PBC (NYSE:PL) in a research note issued on Friday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $6.30 price target on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 16.13% from the company’s previous close.

PL has been the subject of several other reports. Citigroup raised their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. JMP Securities restated a “market outperform” rating and issued a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Finally, Craig Hallum upped their target price on Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a report on Tuesday, December 10th. One 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 an average price target of $4.54.

Planet Labs PBC Stock Performance

NYSE:PL opened at $5.43 on Friday. The stock has a 50-day simple moving average of $4.00 and a 200 day simple moving average of $2.89. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $5.55. The company has a market cap of $1.61 billion, a PE ratio of -13.23 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Algert Global LLC acquired a new stake in Planet Labs PBC during the 2nd quarter worth approximately $38,000. Monterey Private Wealth Inc. bought a new position in Planet Labs PBC in the 4th quarter valued at about $40,000. Valeo Financial Advisors LLC acquired a new stake in shares of Planet Labs PBC during the 3rd quarter worth approximately $45,000. Vontobel Holding Ltd. increased 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 purchasing an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC bought a new position in Planet Labs PBC in the fourth quarter valued at about $55,000. Institutional investors own 41.71% of the company’s stock.

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.