Planet Labs PBC (NYSE:PL) Shares Gap Up – Time to Buy?

Planet Labs PBC (NYSE:PL)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.46, but opened at $6.25. Planet Labs PBC shares last traded at $5.37, with a volume of 11,300,923 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PL. Needham & Company LLC raised their price target on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday. Northland Securities boosted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup increased 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. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $5.64.

Planet Labs PBC Stock Performance

The company has a 50-day moving average of $4.14 and a 200-day moving average of $2.97.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently made changes to their positions in PL. Geode Capital Management LLC boosted its position in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares during the period. State Street Corp lifted its stake in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after acquiring an additional 230,076 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares during the last quarter. Franklin Resources Inc. grew its stake in Planet Labs PBC by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after purchasing an additional 71,719 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after purchasing an additional 201,084 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.