Planet Labs PBC (NYSE:PL) Earns Buy Rating from Needham & Company LLC

Planet Labs PBC (NYSE:PL)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $5.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 31.06% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. Craig Hallum boosted their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a report on Tuesday, December 10th. JMP Securities reiterated a “market outperform” rating and issued a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft raised 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. Finally, Citigroup upped their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Trading Down 0.4 %

PL stock opened at $3.82 on Friday. The stock has a market cap of $1.13 billion, a P/E ratio of -9.30 and a beta of 1.32. The stock’s fifty day simple moving average is $3.77 and its two-hundred day simple moving average is $2.77. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $4.99.

Institutional Trading of Planet Labs PBC

Institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its holdings in Planet Labs PBC by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after acquiring an additional 5,395 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after purchasing an additional 6,910 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Planet Labs PBC by 81.5% in 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. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC during the 4th quarter valued at about $40,000. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Planet Labs PBC during the third quarter valued at about $45,000. 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.