Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Planet Labs PBC (NYSE:PL) had its price objective boosted by equities research analysts at Needham & Company LLC from $5.00 to $8.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 31.69% from the stock’s previous close.

Other analysts have also issued research reports about the company. JMP Securities reissued a “market outperform” rating and set a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Northland Securities boosted their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Cantor Fitzgerald started coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 target price for the company. Citigroup lifted 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. Finally, Craig Hallum increased their price objective on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday, December 10th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $5.64.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock opened at $6.08 on Thursday. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.36. The company’s fifty day simple moving average is $4.19 and its 200-day simple moving average is $2.99. The stock has a market capitalization of $1.80 billion, a PE ratio of -14.82 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors have recently bought and sold shares of PL. Monterey Private Wealth Inc. purchased a new stake in Planet Labs PBC in the 4th quarter worth $40,000. PFG Investments LLC bought a new stake in shares of Planet Labs PBC in the fourth quarter worth about $55,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC in the third quarter worth about $45,000. Algert Global LLC bought a new position in Planet Labs PBC during the second quarter valued at approximately $38,000. Finally, Vontobel Holding Ltd. grew its holdings in Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after buying an additional 10,000 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.