Planet Labs PBC (NYSE:PL) Sets New 12-Month High After Analyst Upgrade

Planet Labs PBC (NYSE:PL - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after Benchmark raised their price target on the stock from $4.00 to $7.00. Benchmark currently has a buy rating on the stock. Planet Labs PBC traded as high as $6.55 and last traded at $6.45, with a volume of 9502058 shares. The stock had previously closed at $6.12.

Several other brokerages also recently weighed in on PL. The Goldman Sachs Group upped their target price on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a "buy" rating in a research note on Monday, February 3rd. Needham & Company LLC upped their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. JMP Securities lifted their target price on Planet Labs PBC from $4.50 to $6.50 and gave the stock a "market outperform" rating in a research report on Thursday, January 30th. Cantor Fitzgerald initiated coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an "overweight" rating and a $6.30 price target for the company. Finally, Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price objective for the company in a research note on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC currently has an average rating of "Buy" and an average price target of $6.27.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Squarepoint Ops LLC boosted its holdings in shares of Planet Labs PBC by 343.7% in the 2nd quarter. Squarepoint Ops LLC now owns 172,092 shares of the company's stock valued at $320,000 after buying an additional 133,307 shares during the period. The Manufacturers Life Insurance Company boosted its stake in 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 acquiring an additional 5,395 shares during the period. Algert Global LLC bought a new position in shares of Planet Labs PBC during the second quarter valued at approximately $38,000. SG Americas Securities LLC raised its position in shares of Planet Labs PBC by 65.9% during the 3rd quarter. SG Americas Securities LLC now owns 73,723 shares of the company's stock worth $164,000 after purchasing an additional 29,281 shares during the period. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $45,000. Institutional investors own 41.71% of the company's stock.

Planet Labs PBC Trading Down 3.0 %

The stock has a 50-day moving average of $4.48 and a 200-day moving average of $3.16. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -14.62 and a beta of 1.40.

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.