Planet Labs PBC’s (PL) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a $5.00 target price on the stock.

Several other research analysts also recently commented on the company. Craig Hallum boosted their target price on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. The Goldman Sachs Group decreased their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a report on Monday. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $4.14.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $3.91 on Tuesday. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -8.31 and a beta of 1.33. The business’s fifty day moving average price is $2.92 and its two-hundred day moving average price is $2.41. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $4.99.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Algert Global LLC bought a new stake in shares of Planet Labs PBC during the 2nd quarter valued at $38,000. Valeo Financial Advisors LLC acquired a new stake in shares of Planet Labs PBC during the third quarter worth $45,000. Vontobel Holding Ltd. increased its holdings in Planet Labs PBC by 81.5% in the third 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. nVerses Capital LLC acquired a new position in Planet Labs PBC in the third quarter valued at about $61,000. Finally, SG Americas Securities LLC boosted its holdings in Planet Labs PBC by 234.6% during the second quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock worth $83,000 after buying an additional 31,160 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.