Planet Labs PBC (NYSE:PL) Sets New 52-Week High – Should You Buy?

Shares of Planet Labs PBC (NYSE:PL) reached a new 52-week high on Friday . The stock traded as high as $5.20 and last traded at $5.24, with a volume of 3900344 shares trading hands. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PL. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, January 17th. Cantor Fitzgerald began coverage on Planet Labs PBC in a report on Friday. They issued an “overweight” rating and a $6.30 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Citigroup increased their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, JMP Securities reissued a “market outperform” rating and issued a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.54.

Planet Labs PBC Stock Performance

The firm has a fifty day simple moving average of $3.95 and a 200-day simple moving average of $2.87. The company has a market capitalization of $1.58 billion, a PE ratio of -13.03 and a beta of 1.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PL. Geode Capital Management LLC boosted its position in 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 valued at $10,864,000 after purchasing an additional 689,888 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after purchasing an additional 487,958 shares during the period. ArrowMark Colorado Holdings LLC boosted its position in Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares during the period. State Street Corp boosted its position in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. Finally, Aspiring Ventures LLC acquired a new position in Planet Labs PBC during the 4th quarter valued at approximately $849,000. 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.