Planet Labs PBC (NYSE:PL) Shares Up 5.9%

Planet Labs PBC (NYSE:PL)’s stock price shot up 5.9% during trading on Thursday . The company traded as high as $2.18 and last traded at $2.17. 205,318 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,686,081 shares. The stock had previously closed at $2.05.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PL. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. The Goldman Sachs Group reduced their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research note on Friday, September 6th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research note on Friday, September 6th. Finally, Needham & Company LLC reduced their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Price Performance

The firm has a market capitalization of $619.34 million, a P/E ratio of -4.27 and a beta of 1.00. The firm’s 50 day simple moving average is $2.30 and its two-hundred day simple moving average is $2.10.

Institutional Trading of Planet Labs PBC

Several hedge funds have recently added to or reduced their stakes in PL. King Luther Capital Management Corp bought a new position in shares of Planet Labs PBC during the fourth quarter valued at about $963,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Planet Labs PBC during the 2nd quarter valued at about $632,000. Vanguard Group Inc. raised its position in Planet Labs PBC by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Planet Labs PBC by 78.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock worth $1,341,000 after buying an additional 252,406 shares during the period. Finally, PEAK6 Investments LLC lifted its stake in Planet Labs PBC by 224.2% in the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after acquiring an additional 207,558 shares during the period. 41.71% of the stock is owned by 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.