Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Citigroup Analyst Says

Planet Labs PBC (NYSE:PL - Get Free Report) had its price objective lifted by analysts at Citigroup from $4.05 to $5.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 15.61% from the stock's current price.

A number of other brokerages have also commented on PL. The Goldman Sachs Group cut their target price on Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating for the company in a research note on Tuesday, September 10th. Needham & Company LLC restated a "buy" rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, December 10th. JMP Securities reiterated a "market outperform" rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Finally, Craig Hallum increased their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a "hold" rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Planet Labs PBC presently has an average rating of "Moderate Buy" and a consensus target price of $4.30.

Planet Labs PBC Stock Up 7.9 %

Shares of PL stock traded up $0.32 during trading hours on Monday, reaching $4.33. 5,910,467 shares of the company's stock were exchanged, compared to its average volume of 2,147,236. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $4.99. The stock has a market capitalization of $1.28 billion, a P/E ratio of -10.55 and a beta of 1.34. The business has a fifty day moving average price of $3.00 and a 200-day moving average price of $2.45.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. ArrowMark Colorado Holdings LLC raised its holdings in shares of Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company's stock valued at $4,052,000 after buying an additional 400,000 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company's stock worth $1,996,000 after purchasing an additional 487,958 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Planet Labs PBC during the second quarter worth approximately $632,000. Charles Schwab Investment Management Inc. grew its stake in shares of Planet Labs PBC by 13.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company's stock valued at $3,864,000 after purchasing an additional 201,084 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company's stock valued at $134,000 after purchasing an additional 5,395 shares in the last quarter. 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.