Planet Labs PBC (NYSE:PL) Shares Gap Up - What's Next?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price gapped up before the market opened 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 changing hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. 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 report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft raised their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday, December 17th. Citigroup increased their price objective 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $5.00 target price on shares of Planet Labs PBC in a research note on Friday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $4.33.

Planet Labs PBC Price Performance

The company has a 50 day moving average price of $3.85 and a 200-day moving average price of $2.82. The stock has a market capitalization of $1.38 billion, a PE ratio of -11.38 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Algert Global LLC purchased a new position in Planet Labs PBC during the second quarter valued at $38,000. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC in the 4th quarter worth about $40,000. Valeo Financial Advisors LLC purchased a new position in Planet Labs PBC during the 3rd quarter valued at about $45,000. Vontobel Holding Ltd. boosted its stake in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after acquiring an additional 10,000 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in Planet Labs PBC in the third quarter worth about $61,000. Hedge funds and other institutional investors 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.