Planet Labs PBC (NYSE:PL) Hits New 12-Month High – Still a Buy?

Planet Labs PBC (NYSE:PL) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $6.55 and last traded at $6.45, with a volume of 9502058 shares changing hands. The stock had previously closed at $6.12.

Wall Street Analyst Weigh In

A number of research firms recently commented on PL. Craig Hallum upgraded 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, January 30th. JMP Securities lifted their price target on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group upped their price objective on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a research note on Monday. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Cantor Fitzgerald started coverage on Planet Labs PBC in a research note on Friday, January 24th. They set an “overweight” rating and a $6.30 price target on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $5.97.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -15.72 and a beta of 1.40. The business has a fifty day moving average price of $4.29 and a 200 day moving average price of $3.06.

Hedge Funds Weigh In On Planet Labs PBC

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of 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. Jacobs Levy Equity Management Inc. lifted its position in Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after buying an additional 487,958 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after buying an additional 400,000 shares during the period. Van ECK Associates Corp increased its position in shares of Planet Labs PBC by 244.3% in the fourth quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock worth $2,102,000 after acquiring an additional 369,206 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after acquiring an additional 230,076 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.