Planet Labs PBC (NYSE:PL) Shares Up 7.8% – Time to Buy?

Planet Labs PBC (NYSE:PL) shares shot up 7.8% on Monday . The company traded as high as $4.59 and last traded at $4.55. 1,703,113 shares traded hands during trading, a decline of 33% from the average session volume of 2,558,991 shares. The stock had previously closed at $4.22.

Analyst Ratings Changes

PL has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a report on Tuesday, December 10th. JMP Securities reaffirmed a “market outperform” rating and set a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Craig Hallum boosted their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. The Goldman Sachs Group reduced their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Finally, Citigroup raised their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.33.

Planet Labs PBC Trading Down 5.4 %

The business has a 50-day moving average price of $3.60 and a 200-day moving average price of $2.70. The stock has a market cap of $1.15 billion, a PE ratio of -9.49 and a beta of 1.32.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC grew its holdings in shares of Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after buying an additional 400,000 shares in the last quarter. State Street Corp grew its stake 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 acquiring an additional 230,076 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after acquiring an additional 487,958 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Planet Labs PBC by 16.5% in the third 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after acquiring an additional 201,084 shares during the period. 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.