Planet Labs PBC’s (PL) “Market Outperform” Rating Reiterated at JMP Securities

Planet Labs PBC (NYSE:PL)‘s stock had its “market outperform” rating reissued by JMP Securities in a research report issued on Thursday, Benzinga reports. They currently have a $4.00 price target on the stock. JMP Securities’ price objective suggests a potential upside of 78.57% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Needham & Company LLC cut their price objective on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. The Goldman Sachs Group decreased their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Price Performance

NYSE PL opened at $2.24 on Thursday. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $2.89. The stock’s 50-day moving average is $2.30 and its two-hundred day moving average is $2.10. The firm has a market cap of $657.40 million, a P/E ratio of -4.67 and a beta of 1.00.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 1.4% in the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares in the last quarter. Teramo Advisors LLC raised its stake in shares of Planet Labs PBC by 3.0% in the 2nd quarter. Teramo Advisors LLC now owns 1,132,700 shares of the company’s stock valued at $2,107,000 after buying an additional 32,700 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Planet Labs PBC by 9.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company’s stock worth $1,184,000 after acquiring an additional 56,124 shares during the period. Renaissance Technologies LLC lifted its holdings 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 period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Planet Labs PBC by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock valued at $1,495,000 after acquiring an additional 13,075 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.