Planet Labs PBC (NYSE:PL) Price Target Cut to $3.10 by Analysts at The Goldman Sachs Group

Planet Labs PBC (NYSE:PL) had its price target cut by The Goldman Sachs Group from $3.50 to $3.10 in a report issued on Tuesday, Marketbeat reports. They currently have a buy rating on the stock.

Several other research firms have also commented on PL. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a hold rating in a research note on Friday, September 6th. JMP Securities reissued a market outperform rating and set a $4.00 price objective on shares of Planet Labs PBC in a research note on Friday, September 6th. Wedbush reissued an outperform rating and set a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. Finally, Needham & Company LLC dropped their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a buy rating on the stock in a research note on Friday, September 6th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $3.93.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $2.15 on Tuesday. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $2.89. The company’s 50-day moving average is $2.28 and its 200 day moving average is $2.10. The stock has a market capitalization of $625.16 million, a P/E ratio of -4.48 and a beta of 1.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PL. King Luther Capital Management Corp bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $963,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Planet Labs PBC during the second quarter valued at approximately $632,000. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Planet Labs PBC by 78.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock valued at $1,341,000 after purchasing an additional 252,406 shares during the last quarter. Finally, PEAK6 Investments LLC raised its holdings in shares of Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock valued at $765,000 after purchasing an additional 207,558 shares during the last quarter. Institutional investors 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.