Planet Labs PBC Sees Unusually High Options Volume (NYSE:PL)

Planet Labs PBC (NYSE:PL) saw unusually large options trading activity on Friday. Stock investors acquired 17,584 call options on the company. This is an increase of 236% compared to the average daily volume of 5,236 call options.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of Planet Labs PBC by 16.5% during the third 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 during the period. Jacobs Levy Equity Management Inc. increased its holdings in Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after buying an additional 487,958 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares during the period. State Street Corp boosted its position in shares of Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after acquiring an additional 230,076 shares in the last quarter. Finally, Aspiring Ventures LLC bought a new stake in Planet Labs PBC in the fourth quarter valued at about $849,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PL. Craig Hallum raised 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 report on Tuesday, December 10th. Cantor Fitzgerald started coverage on Planet Labs PBC in a research note on Friday. They set an “overweight” rating and a $6.30 price objective for the company. JMP Securities restated 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. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Planet Labs PBC Price Performance

PL stock opened at $5.43 on Friday. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -13.23 and a beta of 1.32. The company has a 50-day moving average of $3.95 and a two-hundred day moving average of $2.87. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $5.55.

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.