Planet Labs PBC (NYSE:PL) Trading Up 4.1% - Here's What Happened

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) rose 4.1% during trading on Friday . The company traded as high as $4.07 and last traded at $4.05. 345,776 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 2,118,918 shares. The stock had previously closed at $3.89.

Analyst Ratings Changes

Several research firms have weighed in on PL. The Goldman Sachs Group dropped their price target on Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating on the stock in a research note on Tuesday, September 10th. JMP Securities reiterated a "market outperform" rating and issued a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Craig Hallum raised their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a "hold" rating in a research report on Tuesday. Wedbush reiterated an "outperform" rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. Finally, Needham & Company LLC reissued a "buy" rating and set a $5.00 target price on shares of Planet Labs PBC in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $4.14.

Planet Labs PBC Price Performance

The stock's fifty day moving average price is $2.96 and its 200-day moving average price is $2.43. The firm has a market cap of $1.19 billion, a PE ratio of -9.78 and a beta of 1.34.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Algert Global LLC purchased a new stake in shares of Planet Labs PBC during the 2nd quarter valued at approximately $38,000. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC in the third quarter valued at $45,000. Vontobel Holding Ltd. lifted its stake in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Planet Labs PBC during the 3rd quarter worth $61,000. Finally, SG Americas Securities LLC grew its holdings in shares of Planet Labs PBC by 234.6% during the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company's stock worth $83,000 after purchasing an additional 31,160 shares during the period. Hedge funds and other institutional investors own 41.71% of the company's stock.

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.