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

Planet Labs PBC (NYSE:PL) had its price objective lifted by Needham & Company LLC from $5.00 to $8.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on PL. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They set an “overweight” rating and a $6.30 price target for the company. Citigroup boosted 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 note on Monday, December 16th. Northland Securities raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and set a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $5.64.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $5.81 on Thursday. The business has a 50 day moving average of $4.14 and a two-hundred day moving average of $2.97. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.25.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC boosted its stake in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Planet Labs PBC by 90.2% during the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after purchasing an additional 184,111 shares during the last quarter. Aspiring Ventures LLC acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $849,000. Barclays PLC increased its stake in Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares in the last quarter. Finally, State Street Corp raised its holdings in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.