Planet Labs PBC (NYSE:PL) Shares Up 6.2% – Here’s Why

Planet Labs PBC (NYSE:PL) shares rose 6.2% during mid-day trading on Tuesday . The company traded as high as $3.84 and last traded at $3.79. Approximately 301,874 shares were traded during trading, a decline of 90% from the average daily volume of 2,952,190 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

PL has been the topic of several recent research reports. Citigroup upped their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft boosted 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. Craig Hallum increased their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Finally, JMP Securities reiterated a “market outperform” rating and set a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and an average target price of $4.33.

Planet Labs PBC Price Performance

The firm has a market cap of $1.13 billion, a PE ratio of -9.30 and a beta of 1.32. The stock has a 50-day moving average price of $3.77 and a 200 day moving average price of $2.77.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC during the third quarter valued at about $45,000. Algert Global LLC acquired a new position in shares of Planet Labs PBC in the 2nd quarter valued at about $38,000. Vontobel Holding Ltd. grew its holdings 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 purchasing an additional 10,000 shares during the period. nVerses Capital LLC acquired a new stake in Planet Labs PBC during the 3rd quarter worth approximately $61,000. Finally, Intech Investment Management LLC acquired a new stake in Planet Labs PBC during the 3rd quarter worth approximately $135,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.