Planet Labs PBC (NYSE:PL) Shares Gap Up – Should You Buy?

Planet Labs PBC (NYSE:PL) gapped up prior to trading on Tuesday . The stock had previously closed at $3.82, but opened at $4.17. Planet Labs PBC shares last traded at $4.34, with a volume of 1,827,606 shares traded.

Analyst Ratings Changes

A number of research firms recently commented on PL. Citigroup boosted their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Craig Hallum boosted their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research report on Tuesday, December 10th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, JMP Securities restated a “market outperform” rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.33.

Planet Labs PBC Stock Down 5.0 %

The business’s 50 day simple moving average is $3.92 and its two-hundred day simple moving average is $2.85. The stock has a market cap of $1.32 billion, a P/E ratio of -10.82 and a beta of 1.32.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PL. Geode Capital Management LLC raised its position in shares of Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after acquiring an additional 689,888 shares during the last quarter. State Street Corp raised its holdings in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in 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 worth $4,052,000 after purchasing an additional 400,000 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Planet Labs PBC by 4.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock worth $4,105,000 after purchasing an additional 71,719 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Planet Labs PBC by 13.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock valued at $3,864,000 after purchasing an additional 201,084 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.