Planet Labs PBC (NYSE:PL) Stock Price Up 4.1% – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) were up 4.1% during trading on Friday . The stock traded as high as $4.07 and last traded at $4.05. Approximately 345,776 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,118,918 shares. The stock had previously closed at $3.89.

Wall Street Analyst Weigh In

PL has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Tuesday, December 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Finally, Craig Hallum raised their price objective on 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 analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Moderate Buy” and a consensus target price of $4.14.

Planet Labs PBC Stock Performance

The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -9.78 and a beta of 1.34. The business’s fifty day simple moving average is $2.96 and its 200 day simple moving average is $2.43.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC bought a new position in Planet Labs PBC in the third quarter worth about $45,000. Algert Global LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter worth approximately $38,000. Vontobel Holding Ltd. lifted its holdings in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after purchasing an additional 10,000 shares during the last quarter. nVerses Capital LLC bought a new position in Planet Labs PBC during the 3rd quarter worth $61,000. Finally, SG Americas Securities LLC increased its holdings in shares of Planet Labs PBC by 234.6% in the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock worth $83,000 after acquiring an additional 31,160 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.