Planet Labs PBC (NYSE:PL) Hits New 12-Month High After Analyst Upgrade

Planet Labs PBC (NYSE:PL)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Benchmark raised their price target on the stock from $4.00 to $7.00. Benchmark currently has a buy rating on the stock. Planet Labs PBC traded as high as $6.55 and last traded at $6.45, with a volume of 9502058 shares. The stock had previously closed at $6.12.

A number of other research firms have also weighed in on PL. 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 report on Tuesday, December 17th. Northland Securities raised their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald started coverage on Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 target price on the stock. Citigroup lifted their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Needham & Company LLC lifted their price target on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $6.27.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds have recently made changes to their positions in the stock. Algert Global LLC purchased a new position in Planet Labs PBC during the second quarter worth about $38,000. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC during the fourth quarter worth about $40,000. SBI Securities Co. Ltd. purchased a new position in Planet Labs PBC during the fourth quarter worth about $42,000. Valeo Financial Advisors LLC bought a new stake in Planet Labs PBC during the third quarter worth about $45,000. Finally, Vontobel Holding Ltd. lifted its stake in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after purchasing an additional 10,000 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Performance

The company has a 50 day simple moving average of $4.39 and a 200-day simple moving average of $3.11.

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.