Planet Labs PBC (NYSE:PL) Stock Price Up 9.2% - Here's Why

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock price was up 9.2% during trading on Monday . The company traded as high as $6.52 and last traded at $6.55. Approximately 4,735,587 shares changed hands during trading, a decline of 29% from the average daily volume of 6,643,646 shares. The stock had previously closed at $6.00.

Analysts Set New Price Targets

A number of research analysts have commented on PL shares. Citigroup increased their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a "buy" rating in a report on Monday, December 16th. The Goldman Sachs Group increased their target price on Planet Labs PBC from $5.00 to $6.40 and gave the stock a "buy" rating in a report on Monday, February 3rd. Needham & Company LLC increased their target price on Planet Labs PBC from $5.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. 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 report on Tuesday, December 17th. Finally, Cantor Fitzgerald started coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an "overweight" rating and a $6.30 price target on the stock. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC presently has an average rating of "Buy" and a consensus target price of $6.27.

Planet Labs PBC Trading Down 1.9 %

The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -14.92 and a beta of 1.40. The firm has a 50-day moving average of $4.64 and a 200 day moving average of $3.27.

Institutional Trading of Planet Labs PBC

Several large investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC increased its position in shares of Planet Labs PBC by 790.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC during the 4th quarter valued at $40,000. Wedbush Securities Inc. acquired a new position in shares of Planet Labs PBC during the 4th quarter valued at $41,000. SBI Securities Co. Ltd. acquired a new position in shares of Planet Labs PBC during the 4th quarter valued at $42,000. Finally, Sciencast Management LP acquired a new position in shares of Planet Labs PBC during the 4th quarter valued at $43,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.