Planet Labs PBC (NYSE:PL) Trading Up 7.5% on Analyst Upgrade

Shares of Planet Labs PBC (NYSE:PL) were up 7.5% during trading on Friday after JMP Securities raised their price target on the stock from $4.50 to $6.50. JMP Securities currently has a market outperform rating on the stock. Planet Labs PBC traded as high as $6.21 and last traded at $6.26. Approximately 5,450,676 shares traded hands during trading, a decline of 14% from the average daily volume of 6,367,423 shares. The stock had previously closed at $5.82.

Several other equities research analysts have also recently weighed in on PL. Deutsche Bank Aktiengesellschaft upped their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. 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 price objective for the company. Needham & Company LLC upped their price target on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup lifted their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Thursday. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $5.64.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of the business. ArrowMark Colorado Holdings LLC increased its stake in shares of Planet Labs PBC by 28.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Planet Labs PBC by 90.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after acquiring an additional 184,111 shares in the last quarter. Aspiring Ventures LLC acquired a new position in Planet Labs PBC during the fourth quarter worth $849,000. Barclays PLC lifted its holdings in Planet Labs PBC by 25.0% during the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after purchasing an additional 65,181 shares in the last quarter. Finally, State Street Corp grew its position in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Price Performance

The firm has a market cap of $1.80 billion, a PE ratio of -14.82 and a beta of 1.32. The business’s 50 day moving average price is $4.19 and its 200 day moving average price is $2.99.

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.