Planet Labs PBC Target of Unusually High Options Trading (NYSE:PL)

Planet Labs PBC (NYSE:PL - Get Free Report) saw unusually large options trading activity on Friday. Investors acquired 17,584 call options on the company. This represents an increase of 236% compared to the average daily volume of 5,236 call options.

Planet Labs PBC Trading Up 14.5 %

PL stock traded up $0.69 during midday trading on Friday, reaching $5.43. 14,427,786 shares of the company's stock traded hands, compared to its average volume of 3,408,513. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $5.55. The stock's 50-day moving average is $4.00 and its 200 day moving average is $2.89. The stock has a market cap of $1.61 billion, a P/E ratio of -13.23 and a beta of 1.32.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock valued at $10,864,000 after acquiring an additional 689,888 shares during the last quarter. State Street Corp increased its position in shares of Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company's stock valued at $9,528,000 after purchasing an additional 230,076 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company's stock valued at $4,052,000 after purchasing an additional 400,000 shares during the last quarter. Franklin Resources Inc. raised its holdings in Planet Labs PBC by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company's stock valued at $4,105,000 after buying an additional 71,719 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Planet Labs PBC by 13.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company's stock worth $3,864,000 after buying an additional 201,084 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on PL. Citigroup lifted 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. Deutsche Bank Aktiengesellschaft lifted their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Craig Hallum raised their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a "hold" rating in a report on Tuesday, December 10th. JMP Securities reissued a "market outperform" rating and set a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Finally, Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC in a report on Friday. They issued an "overweight" rating and a $6.30 target price on the stock. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.54.

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.