Needham & Company LLC Boosts Planet Labs PBC (NYSE:PL) Price Target to $8.00

Planet Labs PBC (NYSE:PL - Get Free Report) had its price objective raised by stock analysts at Needham & Company LLC from $5.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 31.69% from the company's current price.

Several other research firms have also recently commented on PL. 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 note on Monday, December 9th. Cantor Fitzgerald assumed 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 for the company. Northland Securities boosted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective 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. Finally, Citigroup raised their price target 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. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $5.64.

Planet Labs PBC Trading Up 4.4 %

Planet Labs PBC stock traded up $0.26 on Thursday, reaching $6.08. 11,062,323 shares of the stock were exchanged, compared to its average volume of 5,500,005. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.36. The firm has a fifty day moving average price of $4.24 and a two-hundred day moving average price of $3.02. The stock has a market cap of $1.80 billion, a PE ratio of -14.82 and a beta of 1.32.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock valued at $10,864,000 after buying an additional 689,888 shares in the last quarter. State Street Corp grew its stake in 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 acquiring an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC increased 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 worth $4,052,000 after acquiring an additional 400,000 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Planet Labs PBC by 4.1% during the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company's stock worth $4,105,000 after purchasing an additional 71,719 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Planet Labs PBC by 13.1% during the 3rd 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 in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.