Planet Labs PBC (NYSE:PL) Sees Strong Trading Volume – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) saw unusually-high trading volume on Thursday . Approximately 2,432,419 shares changed hands during mid-day trading, an increase of 9% from the previous session’s volume of 2,241,379 shares.The stock last traded at $4.43 and had previously closed at $4.14.

Analysts Set New Price Targets

A number of brokerages have recently commented on PL. Craig Hallum raised their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group lowered their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of Planet Labs PBC in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft upped their price objective 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 raised their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and an average target price of $4.33.

Planet Labs PBC Stock Down 3.1 %

The company’s 50-day simple moving average is $3.34 and its 200 day simple moving average is $2.58. The firm has a market capitalization of $1.30 billion, a PE ratio of -10.68 and a beta of 1.34.

Institutional Trading of Planet Labs PBC

Institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its stake in Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after purchasing an additional 5,395 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Planet Labs PBC by 11.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after buying an additional 6,910 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares during the period. Van ECK Associates Corp lifted its position in Planet Labs PBC by 13.0% during the 2nd quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock worth $193,000 after acquiring an additional 11,951 shares during the period. Finally, Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds 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.