Planet Labs PBC (NYSE:PL) Reaches New 12-Month High After Analyst Upgrade

Shares of Planet Labs PBC (NYSE:PL) reached a new 52-week high on Thursday after JMP Securities raised their price target on the stock from $4.50 to $6.50. JMP Securities currently has a market outperform rating on the stock. Planet Labs PBC traded as high as $6.25 and last traded at $5.53, with a volume of 24481247 shares traded. The stock had previously closed at $5.46.

Several other research firms have also recently weighed in on PL. Citigroup upped their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped their price objective 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. Northland Securities upped their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price objective on the stock. Finally, Craig Hallum raised shares of 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. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Planet Labs PBC currently has an average rating of “Buy” and an average price target of $5.64.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Planet Labs PBC by 5.0% in the fourth quarter. Rhumbline Advisers now owns 287,258 shares of the company’s stock worth $1,161,000 after buying an additional 13,580 shares during the period. Van ECK Associates Corp increased its stake in shares of Planet Labs PBC by 244.3% in the fourth quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock worth $2,102,000 after buying an additional 369,206 shares during the period. Jennison Associates LLC purchased a new position in shares of Planet Labs PBC in the fourth quarter worth $638,000. PFG Investments LLC purchased a new position in shares of Planet Labs PBC in the fourth quarter worth $55,000. Finally, Aspiring Ventures LLC bought a new stake in Planet Labs PBC in the fourth quarter valued at $849,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Up 4.4 %

The firm has a market cap of $1.80 billion, a P/E ratio of -14.82 and a beta of 1.32. The firm’s fifty day moving average is $4.19 and its two-hundred day moving average is $2.99.

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.