Planet Labs PBC (NYSE:PL) Hits New 12-Month High – Should You Buy?

Planet Labs PBC (NYSE:PL) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $6.55 and last traded at $6.45, with a volume of 9502058 shares traded. The stock had previously closed at $6.12.

Analysts Set New Price Targets

Several research firms have recently weighed in on PL. Cantor Fitzgerald assumed coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price objective for the company. Deutsche Bank Aktiengesellschaft raised their price target 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 boosted their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Craig Hallum upgraded shares of 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, January 30th. Finally, JMP Securities boosted their price target on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research note on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $5.97.

Planet Labs PBC Stock Performance

The stock’s 50-day moving average price is $4.29 and its 200-day moving average price is $3.06. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -15.72 and a beta of 1.40.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently bought and sold shares of the company. Algert Global LLC acquired a new position in shares of Planet Labs PBC during the 2nd quarter worth $38,000. Monterey Private Wealth Inc. acquired a new position in Planet Labs PBC during the fourth quarter worth about $40,000. Valeo Financial Advisors LLC acquired a new position in Planet Labs PBC during the third quarter worth about $45,000. Vontobel Holding Ltd. grew its position in shares of Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at approximately $55,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.