Planet Labs PBC (NYSE:PL) Shares Gap Up – Still a Buy?

Planet Labs PBC (NYSE:PL) shares gapped up before the market opened on Wednesday . The stock had previously closed at $5.46, but opened at $6.25. Planet Labs PBC shares last traded at $5.37, with a volume of 11,300,923 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PL. Deutsche Bank Aktiengesellschaft raised their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC upped their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research note on Thursday. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Citigroup boosted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Buy” and an average price target of $5.64.

Planet Labs PBC Price Performance

The business has a 50-day simple moving average of $4.14 and a 200-day simple moving average of $2.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PL. Algert Global LLC acquired a new position in shares of Planet Labs PBC during the 2nd quarter worth about $38,000. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC in the fourth quarter valued at approximately $40,000. Valeo Financial Advisors LLC acquired a new stake in Planet Labs PBC during the third quarter worth approximately $45,000. 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 last quarter. Finally, PFG Investments LLC acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $55,000. 41.71% of the stock is owned by institutional investors and hedge funds.

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.