Planet Labs PBC (NYSE:PL) Shares Up 7.8% – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PL shares. JMP Securities reiterated a “market outperform” rating and set a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. The Goldman Sachs Group dropped their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Citigroup lifted their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, Craig Hallum upped 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. 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, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Stock Performance

The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -10.78 and a beta of 1.32. The company has a 50 day moving average price of $3.52 and a 200 day moving average price of $2.67.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Planet Labs PBC by 16.5% during the 3rd 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 during the last quarter. State Street Corp increased its stake 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 acquiring an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in shares of 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 valued at $4,052,000 after buying an additional 400,000 shares during the period. Franklin Resources Inc. raised its position in Planet Labs PBC by 4.1% in the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock worth $4,105,000 after acquiring an additional 71,719 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Planet Labs PBC by 13.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after buying an additional 201,084 shares in 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.