Benchmark Issues Positive Forecast for Planet Labs PBC (NYSE:PL) Stock Price

Planet Labs PBC (NYSE:PL - Free Report) had its price objective raised by Benchmark from $4.00 to $7.00 in a report issued on Wednesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on PL. Northland Securities raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Needham & Company LLC raised their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. JMP Securities upped their target price on Planet Labs PBC from $4.50 to $6.50 and gave the company a "market outperform" rating in a research note on Thursday, January 30th. Craig Hallum raised Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC in a research report 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 MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $6.27.

Planet Labs PBC Price Performance

Planet Labs PBC stock traded down $0.19 during mid-day trading on Wednesday, reaching $6.00. The company had a trading volume of 6,067,089 shares, compared to its average volume of 7,225,992. The stock's 50-day simple moving average is $4.48 and its 200-day simple moving average is $3.16. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $6.55. The company has a market capitalization of $1.78 billion, a P/E ratio of -14.62 and a beta of 1.40.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the company. King Luther Capital Management Corp lifted its holdings in shares of Planet Labs PBC by 9.9% during the 4th quarter. King Luther Capital Management Corp now owns 500,000 shares of the company's stock valued at $2,020,000 after acquiring an additional 45,000 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at approximately $1,648,000. Charles Schwab Investment Management Inc. raised its stake in shares of Planet Labs PBC by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,770,146 shares of the company's stock valued at $7,151,000 after purchasing an additional 37,600 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Planet Labs PBC during the fourth quarter worth $42,000. Finally, Crown Wealth Group LLC purchased a new position in shares of Planet Labs PBC in the fourth quarter valued at $78,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.