Planet Labs PBC (NYSE:PL) Trading Up 7.5% on Analyst Upgrade

Planet Labs PBC (NYSE:PL - Get Free Report) shot up 7.5% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $5.00 to $6.40. The Goldman Sachs Group currently has a buy rating on the stock. Planet Labs PBC traded as high as $6.21 and last traded at $6.26. 5,450,676 shares traded hands during trading, a decline of 14% from the average session volume of 6,367,423 shares. The stock had previously closed at $5.82.

Several other research firms have also weighed in on PL. Needham & Company LLC boosted their price target on Planet Labs PBC from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the company a "buy" rating in a research note on Tuesday, December 17th. Citigroup lifted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a research report on Monday, December 16th. JMP Securities increased their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a "market outperform" rating in a research note on Thursday, January 30th. Finally, Cantor Fitzgerald initiated coverage on Planet Labs PBC in a research report on Friday, January 24th. They set an "overweight" rating and a $6.30 price objective for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $5.97.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Monterey Private Wealth Inc. acquired a new position in Planet Labs PBC during the fourth quarter worth $40,000. PFG Investments LLC bought a new stake in shares of Planet Labs PBC during the 4th quarter worth $55,000. Valeo Financial Advisors LLC purchased a new position in Planet Labs PBC in the third quarter valued at about $45,000. Algert Global LLC purchased a new position in Planet Labs PBC in the second quarter valued at approximately $38,000. Finally, Vontobel Holding Ltd. grew its stake in shares of Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after acquiring an additional 10,000 shares during the period. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Stock Up 5.3 %

The stock has a market cap of $1.91 billion, a P/E ratio of -15.72 and a beta of 1.40. The business's 50-day simple moving average is $4.29 and its two-hundred day simple moving average is $3.06.

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.