Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume - Here's Why

Planet Labs PBC (NYSE:PL - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 2,432,419 shares traded hands during mid-day trading, an increase of 9% from the previous session's volume of 2,241,379 shares.The stock last traded at $4.43 and had previously closed at $4.14.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PL shares. Craig Hallum increased their target price on Planet Labs PBC from $2.50 to $3.50 and gave the company a "hold" rating in a research report on Tuesday, December 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research note on Tuesday, December 17th. 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 report on Monday, December 9th. Finally, Citigroup increased their target price on Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a report on Monday, December 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Planet Labs PBC presently has an average rating of "Moderate Buy" and an average target price of $4.33.

Planet Labs PBC Trading Up 9.2 %

The company has a market capitalization of $1.34 billion, a PE ratio of -11.02 and a beta of 1.34. The company has a fifty day simple moving average of $3.30 and a 200-day simple moving average of $2.57.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Planet Labs PBC by 90.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock worth $866,000 after acquiring an additional 184,111 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Planet Labs PBC by 4.1% during the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company's stock worth $4,105,000 after buying an additional 71,719 shares during the period. Barclays PLC lifted its stake in Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company's stock worth $728,000 after acquiring an additional 65,181 shares in the last quarter. Geode Capital Management LLC increased its stake in 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 period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Planet Labs PBC in the third quarter valued at approximately $406,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.