Planet Labs PBC’s (PL) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Planet Labs PBC (NYSE:PL) in a research report sent to investors on Friday,Benzinga reports. They currently have a $5.00 price target on the stock.

PL has been the subject of several other research reports. JMP Securities reissued a “market outperform” rating and set a $4.50 target price (up previously from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Citigroup upped their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, Craig Hallum lifted their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.33.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $3.82 on Friday. The company has a market capitalization of $1.13 billion, a P/E ratio of -9.30 and a beta of 1.32. The company has a 50 day simple moving average of $3.82 and a 200-day simple moving average of $2.80. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $4.99.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Monterey Private Wealth Inc. purchased a new position in shares of Planet Labs PBC in the 4th quarter valued at about $40,000. JPMorgan Chase & Co. lifted its stake in Planet Labs PBC by 90.2% in the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after acquiring an additional 184,111 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 worth $4,105,000 after acquiring an additional 71,719 shares in the last quarter. Barclays PLC increased its position in shares of Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after purchasing an additional 65,181 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares in the last quarter. Hedge funds and other institutional investors 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.