Planet Labs PBC (NYSE:PL) Given “Buy” Rating at Needham & Company LLC

Planet Labs PBC (NYSE:PL)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $5.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 23.76% from the stock’s current price.

Several other equities research analysts have also recently commented on PL. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. 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 on the stock in a report on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and set a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a report on Monday. Finally, Craig Hallum upped their target price on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

Planet Labs PBC Trading Down 2.9 %

Shares of PL opened at $4.04 on Tuesday. The company has a market capitalization of $1.19 billion, a PE ratio of -8.60 and a beta of 1.33. The stock’s 50-day moving average price is $2.82 and its two-hundred day moving average price is $2.37. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $4.99.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Algert Global LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter worth $38,000. Valeo Financial Advisors LLC purchased a new position in shares of Planet Labs PBC during the 3rd quarter worth $45,000. Vontobel Holding Ltd. increased its holdings in Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Planet Labs PBC in the third quarter worth approximately $61,000. Finally, SG Americas Securities LLC increased its stake in Planet Labs PBC by 234.6% in the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock worth $83,000 after buying an additional 31,160 shares in the last quarter. Hedge funds and other 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.