Planet Labs PBC (NYSE:PL) Sets New 52-Week High – Should You Buy?

Planet Labs PBC (NYSE:PL) hit a new 52-week high during trading on Friday . The company traded as high as $5.20 and last traded at $5.24, with a volume of 3900344 shares traded. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

PL has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, January 17th. Craig Hallum increased their target price on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research report on Tuesday, December 10th. Finally, Cantor Fitzgerald began coverage on Planet Labs PBC in a research report on Friday. They set an “overweight” rating and a $6.30 target price on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Planet Labs PBC Stock Performance

The business has a 50-day moving average of $3.95 and a 200-day moving average of $2.87. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -13.03 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew 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 buying an additional 689,888 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Planet Labs PBC by 119.8% during the third 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 in the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after buying an additional 400,000 shares in the last quarter. State Street Corp grew its position in shares of Planet Labs PBC by 5.7% during 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 in the last quarter. Finally, Aspiring Ventures LLC acquired a new position in shares of Planet Labs PBC during the fourth quarter worth about $849,000. 41.71% of the stock is owned by institutional investors and hedge funds.

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.