Planet Labs PBC (NYSE:PL) Shares Up 4.3%

Planet Labs PBC (NYSE:PL)’s share price shot up 4.3% during trading on Wednesday . The stock traded as high as $2.19 and last traded at $2.19. 727,109 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,720,155 shares. The stock had previously closed at $2.10.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Craig Hallum increased their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. Needham & Company LLC reduced their target price on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a research note on Friday, September 20th. Finally, 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 on the stock in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Stock Performance

The company has a market capitalization of $645.66 million, a P/E ratio of -4.60 and a beta of 1.00. The stock has a 50 day moving average price of $2.30 and a 200 day moving average price of $2.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PL. Perkins Coie Trust Co bought a new position in shares of Planet Labs PBC during the second quarter valued at approximately $28,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth $34,000. Algert Global LLC purchased a new stake in shares of Planet Labs PBC in the second quarter worth $38,000. Virtu Financial LLC purchased a new stake in shares of Planet Labs PBC during the first quarter valued at $52,000. Finally, Victory Capital Management Inc. lifted its holdings in Planet Labs PBC by 30.9% in the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock valued at $55,000 after acquiring an additional 5,284 shares during the period. Hedge funds and other institutional investors 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.