Benchmark Forecasts Strong Price Appreciation for Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) had its target price lifted by research analysts at Benchmark from $4.00 to $7.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 13.36% from the company’s previous close.

PL has been the topic of several other research reports. Citigroup lifted their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Needham & Company LLC increased their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research note on Friday, January 24th. They issued an “overweight” rating and a $6.30 target price on the stock. Northland Securities upped their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group lifted their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research report on Monday. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Performance

Planet Labs PBC stock opened at $6.18 on Wednesday. The stock has a market capitalization of $1.83 billion, a P/E ratio of -15.06 and a beta of 1.40. The company’s fifty day moving average price is $4.39 and its 200 day moving average price is $3.11. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $6.55.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently added to or reduced their stakes in PL. Algert Global LLC purchased a new position in shares of Planet Labs PBC during the 2nd quarter worth approximately $38,000. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC in the fourth quarter worth $40,000. SBI Securities Co. Ltd. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $42,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC during the 3rd quarter worth $45,000. Finally, Vontobel Holding Ltd. grew its stake in shares of Planet Labs PBC by 81.5% during 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 period. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.