Planet Labs PBC (NYSE:PL) Shares Gap Up - Still a Buy?

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $3.73, but opened at $3.97. Planet Labs PBC shares last traded at $4.01, with a volume of 874,080 shares changing hands.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Citigroup increased their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Craig Hallum boosted their price target on shares of 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 reiterated a "buy" rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday. Finally, JMP Securities reissued a "market outperform" rating and set a $4.50 price objective (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 seven have issued a buy rating to the company. According to MarketBeat.com, Planet Labs PBC has a consensus rating of "Moderate Buy" and an average price target of $4.33.

Planet Labs PBC Price Performance

The stock has a 50 day moving average of $3.80 and a 200 day moving average of $2.78. The firm has a market cap of $1.13 billion, a P/E ratio of -9.30 and a beta of 1.32.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock valued at $10,864,000 after acquiring an additional 689,888 shares during the period. State Street Corp boosted its stake in shares of Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company's stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in shares of Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company's stock worth $4,052,000 after purchasing an additional 400,000 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Planet Labs PBC by 4.1% in 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. Finally, Charles Schwab Investment Management Inc. raised its holdings in Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company's stock valued at $3,864,000 after buying an additional 201,084 shares during the last quarter. 41.71% of the stock is currently 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.