Planet Labs PBC (NYSE:PL) Trading 6.2% Higher – Still a Buy?

Planet Labs PBC (NYSE:PL)’s stock price was up 6.2% on Tuesday . The stock traded as high as $3.84 and last traded at $3.79. Approximately 301,874 shares changed hands during trading, a decline of 90% from the average daily volume of 2,952,190 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 target price (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a report on Tuesday, December 10th. 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 report on Tuesday, December 17th. Finally, Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.33.

Planet Labs PBC Price Performance

The business has a fifty day moving average of $3.77 and a 200 day moving average of $2.77. The stock has a market cap of $1.13 billion, a PE ratio of -9.30 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

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