Jennison Associates LLC Purchases Shares of 157,942 Planet Labs PBC (NYSE:PL)

Jennison Associates LLC purchased a new stake in shares of Planet Labs PBC (NYSE:PL) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 157,942 shares of the company’s stock, valued at approximately $638,000.

A number of other institutional investors have also recently added to or reduced their stakes in PL. The Manufacturers Life Insurance Company lifted its stake in shares of 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 worth $134,000 after purchasing an additional 5,395 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after purchasing an additional 10,000 shares in the last quarter. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC during the fourth quarter worth about $40,000. PFG Investments LLC acquired a new position in shares of Planet Labs PBC during the fourth quarter worth about $55,000. Finally, Valeo Financial Advisors LLC acquired a new position in shares of Planet Labs PBC during the third quarter worth about $45,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PL. Needham & Company LLC boosted their price objective on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Citigroup boosted their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. The Goldman Sachs Group boosted their price target on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on 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, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Down 3.0 %

Shares of NYSE PL opened at $6.00 on Friday. The stock’s 50 day moving average price is $4.44 and its two-hundred day moving average price is $3.13. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $6.55. The stock has a market capitalization of $1.78 billion, a P/E ratio of -14.62 and a beta of 1.40.

Planet Labs PBC 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.