Planet Labs PBC (NYSE:PL) Trading Up 6.2% – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price was up 6.2% during trading on Tuesday . The company traded as high as $3.84 and last traded at $3.79. Approximately 301,874 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 2,952,190 shares. The stock had previously closed at $3.57.

Analyst Ratings Changes

Several analysts have issued reports on the stock. JMP Securities reissued 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. Citigroup increased their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Tuesday, December 10th. Craig Hallum increased their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. Finally, 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $4.33.

Planet Labs PBC Stock Up 2.8 %

The stock has a market cap of $1.09 billion, a P/E ratio of -8.95 and a beta of 1.32. The firm’s 50-day moving average is $3.72 and its two-hundred day moving average is $2.75.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. ArrowMark Colorado Holdings LLC lifted its holdings in Planet Labs PBC by 28.2% in 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. State Street Corp lifted its stake in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after buying an additional 487,958 shares during the period. Geode Capital Management LLC raised 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 worth $10,864,000 after acquiring an additional 689,888 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after acquiring an additional 201,084 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.