JMP Securities Forecasts Strong Price Appreciation for Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL - Free Report) had its target price increased by JMP Securities from $4.50 to $6.50 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a "buy" rating in a research report on Tuesday, December 17th. Needham & Company LLC boosted their target price on Planet Labs PBC from $5.00 to $8.00 and gave the stock a "buy" rating in a research note on Thursday. Craig Hallum raised Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 target price for the company in a report on Thursday. Northland Securities lifted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Cantor Fitzgerald initiated coverage on 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. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $5.64.

Planet Labs PBC Trading Up 4.4 %

Planet Labs PBC stock traded up $0.26 during trading on Thursday, hitting $6.08. 11,062,323 shares of the company were exchanged, compared to its average volume of 6,681,436. The company has a market capitalization of $1.80 billion, a P/E ratio of -14.82 and a beta of 1.32. The business's 50 day moving average is $4.19 and its 200 day moving average is $2.99. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.36.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC boosted 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 during the period. JPMorgan Chase & Co. grew its holdings in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock valued at $866,000 after buying an additional 184,111 shares in the last quarter. Aspiring Ventures LLC bought a new stake in shares of Planet Labs PBC during the fourth quarter valued at about $849,000. Barclays PLC lifted its holdings in shares of Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company's stock worth $728,000 after buying an additional 65,181 shares in the last quarter. Finally, State Street Corp boosted 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 acquiring an additional 230,076 shares during the period. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.