Planet Labs PBC (NYSE:PL) Sees Strong Trading Volume

Planet Labs PBC (NYSE:PL) shares saw strong trading volume on Tuesday . 806,962 shares changed hands during mid-day trading, a decline of 38% from the previous session’s volume of 1,293,053 shares.The stock last traded at $1.75 and had previously closed at $1.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PL shares. Benchmark reduced their target price on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. The Goldman Sachs Group reduced their price objective on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating for the company in a research report on Friday, April 12th. JMP Securities cut their price objective on Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research report on Monday, April 1st. Citigroup lowered their target price on Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Planet Labs PBC in a research note on Monday, April 1st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $4.68.

Planet Labs PBC Trading Up 1.2 %

The company has a market capitalization of $508.59 million, a P/E ratio of -3.43 and a beta of 0.79. The stock has a 50 day moving average price of $2.21 and a 200 day moving average price of $2.29.

Institutional Trading of Planet Labs PBC

A number of large investors have recently bought and sold shares of PL. Quantbot Technologies LP acquired a new stake in shares of Planet Labs PBC in the 1st quarter valued at about $45,000. Xponance Inc. bought a new position in Planet Labs PBC in the 4th quarter valued at about $25,000. Navalign LLC bought a new position in Planet Labs PBC in the 4th quarter valued at about $28,000. Bleakley Financial Group LLC bought a new position in Planet Labs PBC in the 4th quarter valued at about $28,000. Finally, Simplicity Solutions LLC bought a new position in Planet Labs PBC in the 4th quarter valued at about $28,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.