Planet Labs PBC (NYSE:PL) Trading 7.8% Higher – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) were up 7.8% during mid-day trading on Monday . The stock traded as high as $4.59 and last traded at $4.55. Approximately 1,703,113 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,558,991 shares. The stock had previously closed at $4.22.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PL shares. Deutsche Bank Aktiengesellschaft increased their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Tuesday, December 10th. Craig Hallum raised their price target on Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. JMP Securities reiterated a “market outperform” rating and set a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Finally, The Goldman Sachs Group lowered their target price on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.33.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $1.15 billion, a P/E ratio of -9.49 and a beta of 1.32. The stock’s 50 day simple moving average is $3.60 and its 200 day simple moving average is $2.70.

Institutional Trading of Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in PL. Algert Global LLC bought a new position in Planet Labs PBC in the second quarter worth about $38,000. Valeo Financial Advisors LLC acquired a new stake in Planet Labs PBC in the third quarter valued at approximately $45,000. Vontobel Holding Ltd. increased its position in Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after buying an additional 10,000 shares in the last quarter. nVerses Capital LLC purchased a new stake in Planet Labs PBC in the third quarter valued at about $61,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Planet Labs PBC by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after acquiring an additional 6,910 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.