Northland Securities Boosts Planet Labs PBC (NYSE:PL) Price Target to $7.00

Planet Labs PBC (NYSE:PL) had its target price increased by equities research analysts at Northland Securities from $5.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Northland Securities’ price target indicates a potential upside of 26.54% from the company’s current price.

Several other research analysts have also commented on the company. Citigroup boosted their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, January 17th. Cantor Fitzgerald started coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price objective for the company. Deutsche Bank Aktiengesellschaft upped their target price on 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, Craig Hallum upped their price objective on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.09.

Planet Labs PBC Price Performance

PL opened at $5.53 on Thursday. The firm has a market capitalization of $1.64 billion, a P/E ratio of -13.49 and a beta of 1.32. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.25. The company has a fifty day moving average price of $4.14 and a 200-day moving average price of $2.97.

Institutional Trading of Planet Labs PBC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after acquiring an additional 689,888 shares during the period. State Street Corp grew its stake in Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings in Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after purchasing an additional 400,000 shares in the last quarter. Franklin Resources Inc. lifted its position in Planet Labs PBC by 4.1% during the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after buying an additional 71,719 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock valued at $3,864,000 after buying an additional 201,084 shares in the last quarter. 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.