Planet Labs PBC (NYSE:PL) Stock Price Up 9.2% – Should You Buy?

Planet Labs PBC (NYSE:PL)’s share price traded up 9.2% on Monday . The company traded as high as $6.52 and last traded at $6.55. 4,735,587 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 6,643,646 shares. The stock had previously closed at $6.00.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PL. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Benchmark increased their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Citigroup upped their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. JMP Securities raised their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. Finally, Northland Securities raised their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC presently has an average rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Performance

The stock’s fifty day simple moving average is $4.56 and its 200-day simple moving average is $3.22. The company has a market capitalization of $1.82 billion, a PE ratio of -14.93 and a beta of 1.40.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently made changes to their positions in PL. Xponance Inc. boosted its holdings in shares of Planet Labs PBC by 12.0% during the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock worth $60,000 after purchasing an additional 1,608 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after buying an additional 5,395 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after buying an additional 10,000 shares during the period. Monterey Private Wealth Inc. bought a new stake in Planet Labs PBC during the fourth quarter worth about $40,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at $42,000. 41.71% of the stock is currently owned by 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.