Planet Labs PBC (NYSE:PL) Sees Large Volume Increase – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares saw an uptick in trading volume on Thursday . 2,432,419 shares traded 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.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Craig Hallum boosted their price target 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. Needham & Company LLC restated a “buy” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a report on Tuesday, December 10th. Citigroup increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, JMP Securities restated a “market outperform” rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Trading Up 10.9 %

The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -11.20 and a beta of 1.34. The stock’s 50-day moving average is $3.26 and its 200-day moving average is $2.55.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its stake in shares of Planet Labs PBC by 234.6% in the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after purchasing an additional 31,160 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Planet Labs PBC by 9.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company’s stock worth $1,184,000 after acquiring an additional 56,124 shares during the period. Van ECK Associates Corp raised its position in shares of Planet Labs PBC by 13.0% in 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 in the last quarter. Rhumbline Advisers boosted its position in shares of Planet Labs PBC by 12.0% during the 2nd quarter. Rhumbline Advisers now owns 268,380 shares of the company’s stock valued at $499,000 after purchasing an additional 28,835 shares in the last quarter. Finally, Teramo Advisors LLC grew its stake in Planet Labs PBC by 3.0% during the second quarter. Teramo Advisors LLC now owns 1,132,700 shares of the company’s stock worth $2,107,000 after purchasing an additional 32,700 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.