Planet Labs PBC (NYSE:PL) Trading 7.5% Higher After Analyst Upgrade

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) were up 7.5% during mid-day trading on Friday after JMP Securities raised their price target on the stock from $4.50 to $6.50. JMP Securities currently has a market outperform rating on the stock. Planet Labs PBC traded as high as $6.21 and last traded at $6.26. Approximately 5,450,676 shares changed hands during trading, a decline of 14% from the average daily volume of 6,367,423 shares. The stock had previously closed at $5.82.

Several other equities research analysts also recently weighed in on PL. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a "buy" rating in a research note on Tuesday, December 17th. Craig Hallum raised shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a research note on Thursday. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research note on Friday, January 24th. They issued an "overweight" rating and a $6.30 price target for the company. Finally, Needham & Company LLC lifted their price target on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a "buy" rating in a research note on Thursday. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC has an average rating of "Buy" and a consensus price target of $5.64.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the business. Algert Global LLC purchased a new position in Planet Labs PBC in the 2nd quarter worth approximately $38,000. Monterey Private Wealth Inc. purchased a new stake in shares of Planet Labs PBC in the 4th quarter valued at $40,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC in the 3rd quarter valued at $45,000. Vontobel Holding Ltd. boosted 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 in the last quarter. Finally, PFG Investments LLC purchased a new stake in shares of Planet Labs PBC in the 4th quarter valued at $55,000. Institutional investors own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

The company has a market cap of $1.88 billion, a PE ratio of -15.39 and a beta of 1.32. The stock's 50 day moving average price is $4.19 and its 200-day moving average price is $2.99.

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.

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