Planet Labs PBC (NYSE:PL) Hits New 12-Month High – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $6.71 and last traded at $6.49, with a volume of 9596640 shares. The stock had previously closed at $6.00.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PL. Northland Securities upped their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Cantor Fitzgerald initiated coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price target for the company. Citigroup lifted their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Benchmark increased their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Price Performance

The business’s fifty day simple moving average is $4.48 and its 200 day simple moving average is $3.17. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of -15.82 and a beta of 1.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. ArrowMark Colorado Holdings LLC lifted its holdings in Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after purchasing an additional 184,111 shares during the period. Aspiring Ventures LLC acquired a new position in Planet Labs PBC during the 4th quarter valued at approximately $849,000. Barclays PLC grew its stake in Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after buying an additional 65,181 shares during the last quarter. Finally, State Street Corp increased its position in Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

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.