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

Planet Labs PBC (NYSE:PL - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $3.82, but opened at $4.17. Planet Labs PBC shares last traded at $4.34, with a volume of 1,827,606 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PL. Citigroup lifted their target price on Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a research note on Monday, December 16th. Craig Hallum upped their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the stock a "hold" rating in a research note on Tuesday, December 10th. JMP Securities reiterated a "market outperform" rating and issued a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft upped their price target 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. Finally, 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, January 17th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $4.33.

Planet Labs PBC Price Performance

The firm has a market capitalization of $1.41 billion, a P/E ratio of -11.55 and a beta of 1.32. The firm's fifty day moving average price is $3.92 and its 200-day moving average price is $2.85.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company's stock valued at $134,000 after buying an additional 5,395 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Planet Labs PBC by 11.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company's stock valued at $121,000 after purchasing an additional 6,910 shares during the period. Vontobel Holding Ltd. increased its stake in Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after purchasing an additional 10,000 shares in the last quarter. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC in the 4th quarter worth about $40,000. Finally, PFG Investments LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $55,000. Institutional investors and hedge funds 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.