Cantor Fitzgerald Begins Coverage on Planet Labs PBC (NYSE:PL)

Research analysts at Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC (NYSE:PL) in a report released on Friday, Marketbeat reports. The firm set an “overweight” rating and a $6.30 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 16.13% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft increased their price target 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. Craig Hallum increased their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research report on Tuesday, December 10th. JMP Securities restated 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 report on Monday, December 9th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, January 17th. Finally, Citigroup boosted their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $4.54.

Planet Labs PBC Stock Up 14.5 %

Shares of NYSE PL opened at $5.43 on Friday. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $5.55. The firm’s 50-day simple moving average is $4.00 and its 200 day simple moving average is $2.89. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -13.23 and a beta of 1.32.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PL. Jennison Associates LLC bought a new stake in shares of Planet Labs PBC in the fourth quarter worth about $638,000. PFG Investments LLC acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at approximately $55,000. Aspiring Ventures LLC bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $849,000. Monterey Private Wealth Inc. acquired a new stake in Planet Labs PBC during the 4th quarter worth approximately $40,000. Finally, 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 valued at $866,000 after buying an additional 184,111 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.