The Goldman Sachs Group Forecasts Strong Price Appreciation for Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) had its price objective hoisted by research analysts at The Goldman Sachs Group from $5.00 to $6.40 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 0.70% from the stock’s current price.

A number of other research analysts have also weighed in on PL. JMP Securities raised their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Needham & Company LLC lifted their price target on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC in a research note on Friday, January 24th. They issued an “overweight” rating and a $6.30 price target on the stock. Citigroup raised their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $5.97.

Planet Labs PBC Stock Performance

Shares of PL opened at $6.45 on Monday. The firm’s 50-day simple moving average is $4.29 and its two-hundred day simple moving average is $3.06. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $6.55. The stock has a market cap of $1.91 billion, a PE ratio of -15.72 and a beta of 1.40.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PL. Renaissance Technologies LLC boosted its stake in shares of Planet Labs PBC by 52.2% during the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock worth $1,117,000 after acquiring an additional 206,000 shares during the last quarter. Squarepoint Ops LLC lifted its position in Planet Labs PBC by 343.7% during the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock valued at $320,000 after purchasing an additional 133,307 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Planet Labs PBC by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after purchasing an additional 5,395 shares in the last quarter. Algert Global LLC bought a new stake in Planet Labs PBC during the second quarter valued at about $38,000. Finally, SG Americas Securities LLC increased its position in Planet Labs PBC by 65.9% in the third quarter. SG Americas Securities LLC now owns 73,723 shares of the company’s stock worth $164,000 after buying an additional 29,281 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

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.