Planet Labs PBC (NYSE:PL) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Planet Labs PBC (NYSE:PL - Free Report) in a report released on Tuesday morning,Benzinga reports. They currently have a $5.00 price objective on the stock.

Several other brokerages also recently weighed in on PL. Craig Hallum upped their target price on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a "hold" rating in a research note on Friday, September 6th. JMP Securities reiterated a "market outperform" rating and issued a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a research note on Monday. Wedbush reissued an "outperform" rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. Finally, The Goldman Sachs Group reduced their price target on Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of "Moderate Buy" and an average target price of $4.14.

Planet Labs PBC Trading Down 4.3 %

Planet Labs PBC stock traded down $0.17 during midday trading on Tuesday, reaching $3.87. 8,118,563 shares of the stock traded hands, compared to its average volume of 2,104,426. The firm has a market cap of $1.13 billion, a PE ratio of -8.11 and a beta of 1.33. The company has a 50-day simple moving average of $2.82 and a two-hundred day simple moving average of $2.37. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $4.99.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings 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 worth $10,864,000 after purchasing an additional 689,888 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company's stock worth $1,996,000 after buying an additional 487,958 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company's stock worth $4,052,000 after buying an additional 400,000 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Planet Labs PBC in the second quarter valued at approximately $632,000. Finally, State Street Corp boosted its holdings 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 acquiring an additional 230,076 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

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.