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

Planet Labs PBC (NYSE:PL) hit a new 52-week high during mid-day trading 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 analysts have also weighed in on PL. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research note on Friday, January 24th. They issued an “overweight” rating and a $6.30 price objective for the company. Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup boosted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Finally, Northland Securities boosted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $5.64.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently made changes to their positions in PL. Algert Global LLC purchased a new position in shares of Planet Labs PBC in the 2nd quarter worth about $38,000. Monterey Private Wealth Inc. purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $40,000. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC during the third quarter valued at about $45,000. Vontobel Holding Ltd. lifted its holdings in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $55,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

The firm has a market capitalization of $1.80 billion, a PE ratio of -14.82 and a beta of 1.32. The company’s fifty day simple moving average is $4.19 and its 200 day simple moving average is $2.99.

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.