Planet Labs PBC (NYSE:PL) Hits New 1-Year High - Should You Buy?

Planet Labs PBC (NYSE:PL - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $6.71 and last traded at $6.49, with a volume of 9596640 shares trading hands. The stock had previously closed at $6.00.

Wall Street Analyst Weigh In

PL has been the subject of several research reports. Northland Securities lifted their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Citigroup lifted their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a research note on Monday, December 16th. The Goldman Sachs Group lifted their price objective 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. Benchmark lifted their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Finally, Craig Hallum raised shares of 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, January 30th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $6.27.

Planet Labs PBC Trading Down 2.8 %

The company has a market cap of $1.80 billion, a PE ratio of -14.79 and a beta of 1.40. The firm's fifty day moving average is $4.64 and its 200 day moving average is $3.27.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently added to or reduced their stakes in PL. Dimensional Fund Advisors LP increased its holdings in Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock worth $8,140,000 after acquiring an additional 1,013,234 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Planet Labs PBC by 227.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock worth $5,127,000 after acquiring an additional 880,966 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 worth $10,864,000 after acquiring an additional 689,888 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company's stock worth $1,996,000 after acquiring an additional 487,958 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Planet Labs PBC in the 4th quarter worth $1,648,000. Hedge funds and other 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.