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

Planet Labs PBC (NYSE:PL) was up 7.5% during 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 were traded during mid-day trading, a decline of 14% from the average daily volume of 6,367,423 shares. The stock had previously closed at $5.82.

Other research analysts have also issued reports about the stock. Northland Securities increased their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday. Craig Hallum upgraded 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. Cantor Fitzgerald started 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. Needham & Company LLC raised their price objective 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. Finally, Deutsche Bank Aktiengesellschaft raised 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 note on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $5.64.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in shares of Planet Labs PBC by 5.0% in the fourth quarter. Rhumbline Advisers now owns 287,258 shares of the company’s stock worth $1,161,000 after buying an additional 13,580 shares during the last quarter. Van ECK Associates Corp raised its stake in Planet Labs PBC by 244.3% during the 4th quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock worth $2,102,000 after acquiring an additional 369,206 shares during the period. Jennison Associates LLC bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $638,000. PFG Investments LLC bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $55,000. Finally, Aspiring Ventures LLC bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $849,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Trading Up 8.6 %

The company has a market cap of $1.88 billion, a P/E ratio of -15.39 and a beta of 1.32. The business’s 50 day simple moving average is $4.19 and its 200 day simple moving average is $2.99.

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.