Planet Labs PBC (NYSE:PL) Shares Gap Up – Should You Buy?

Planet Labs PBC (NYSE:PL) gapped up prior to trading on Tuesday . The stock had previously closed at $3.82, but opened at $4.17. Planet Labs PBC shares last traded at $4.34, with a volume of 1,827,606 shares trading hands.

Analyst Upgrades and Downgrades

PL has been the subject of a number of recent research reports. Citigroup raised their price target 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. Craig Hallum raised their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. JMP Securities reissued a “market outperform” rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft upped 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. Finally, Needham & Company LLC restated a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Trading Up 24.0 %

The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -11.48 and a beta of 1.32. The company has a 50 day moving average of $3.85 and a 200 day moving average of $2.82.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its holdings in Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after acquiring an additional 5,395 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after buying an additional 6,910 shares during the period. Vontobel Holding Ltd. lifted 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 buying an additional 10,000 shares during the period. Monterey Private Wealth Inc. bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $40,000. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Planet Labs PBC during the 3rd quarter valued at $45,000. Institutional investors own 41.71% of the company’s stock.

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.