Planet Labs PBC (NYSE:PL) Price Target Cut to $5.00 by Analysts at Needham & Company LLC

Planet Labs PBC (NYSE:PL) had its price target decreased by Needham & Company LLC from $7.00 to $5.00 in a report published on Friday morning, Marketbeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the company. JMP Securities reissued a market outperform rating and issued a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 27th. Craig Hallum cut their price objective on Planet Labs PBC from $3.00 to $2.00 and set a hold rating for the company in a report on Friday, June 7th. Finally, Wedbush reissued an outperform rating and issued a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of Moderate Buy and a consensus target price of $4.09.

Planet Labs PBC Trading Up 7.6 %

NYSE PL opened at $1.92 on Friday. The company has a market cap of $556.82 million, a PE ratio of -3.99 and a beta of 0.99. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $2.94. The stock has a 50 day moving average of $2.27 and a 200-day moving average of $2.11.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd bought a new position in Planet Labs PBC during the 4th quarter worth $34,000. Perkins Coie Trust Co bought a new position in Planet Labs PBC during the 2nd quarter worth $28,000. Algert Global LLC bought a new position in Planet Labs PBC during the 2nd quarter worth $38,000. Virtu Financial LLC bought a new position in Planet Labs PBC during the 1st quarter worth $52,000. Finally, Victory Capital Management Inc. increased its position in Planet Labs PBC by 30.9% during the 4th quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock worth $55,000 after buying an additional 5,284 shares during the period. Institutional investors and hedge funds 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.