Planet Labs PBC (NYSE:PL) Shares Gap Up - Here's What Happened

Planet Labs PBC (NYSE:PL - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $5.46, but opened at $6.25. Planet Labs PBC shares last traded at $5.37, with a volume of 11,300,923 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, January 17th. Citigroup increased their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a "buy" rating in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday, December 17th. Cantor Fitzgerald initiated coverage on shares of Planet Labs PBC in a research report on Friday, January 24th. They set an "overweight" rating and a $6.30 target price on the stock. Finally, JMP Securities reissued a "market outperform" rating and issued a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Planet Labs PBC has an average rating of "Moderate Buy" and an average target price of $4.54.

Planet Labs PBC Stock Performance

The stock's fifty day simple moving average is $4.09 and its 200-day simple moving average is $2.95. The stock has a market cap of $1.61 billion, a P/E ratio of -13.18 and a beta of 1.32.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of Planet Labs PBC by 15.7% in the 2nd quarter. American Century Companies Inc. now owns 316,535 shares of the company's stock valued at $589,000 after purchasing an additional 42,847 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Planet Labs PBC by 52.2% during the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company's stock worth $1,117,000 after acquiring an additional 206,000 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company's stock worth $121,000 after acquiring an additional 6,910 shares during the period. Squarepoint Ops LLC raised its position 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 worth $320,000 after acquiring an additional 133,307 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company's stock valued at $134,000 after purchasing an additional 5,395 shares during the period. 41.71% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.