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

Planet Labs PBC (NYSE:PL)’s share price hit a new 52-week high during mid-day trading on Wednesday after Benchmark raised their price target on the stock from $4.00 to $7.00. Benchmark currently has a buy rating on the stock. Planet Labs PBC traded as high as $6.55 and last traded at $6.45, with a volume of 9502058 shares trading hands. The stock had previously closed at $6.12.

Several other research analysts also recently commented on PL. Deutsche Bank Aktiengesellschaft lifted their target price 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. JMP Securities lifted their target price on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research note on Thursday, January 30th. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research note on Thursday, January 30th. Citigroup lifted their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Northland Securities lifted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Buy” and a consensus price target of $6.27.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently bought and sold shares of PL. Algert Global LLC bought a new position in Planet Labs PBC in the second quarter valued at about $38,000. Monterey Private Wealth Inc. acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at about $40,000. SBI Securities Co. Ltd. acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at about $42,000. Valeo Financial Advisors LLC acquired a new stake in shares of Planet Labs PBC in the third quarter valued at about $45,000. Finally, Vontobel Holding Ltd. increased its stake in shares of 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 buying an additional 10,000 shares during the period. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Price Performance

The firm has a 50 day moving average price of $4.39 and a two-hundred day moving average price of $3.11.

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.