Craig Hallum Forecasts Strong Price Appreciation for Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) had its price objective raised by Craig Hallum from $2.50 to $3.50 in a research note released on Tuesday morning,Benzinga reports. Craig Hallum currently has a hold rating on the stock.

A number of other research analysts have also issued reports on PL. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. The Goldman Sachs Group decreased their price objective 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 reaffirmed a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and issued a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a research note on Monday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC has a consensus rating of “Moderate Buy” and an average target price of $4.14.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $3.91 on Tuesday. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $4.99. The firm has a market capitalization of $1.15 billion, a PE ratio of -8.31 and a beta of 1.33. The business’s fifty day moving average price is $2.92 and its two-hundred day moving average price is $2.41.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Planet Labs PBC by 14.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after purchasing an additional 6,215 shares during the last quarter. SG Americas Securities LLC grew its holdings 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 worth $83,000 after acquiring an additional 31,160 shares during the last quarter. 180 Wealth Advisors LLC raised its position in shares of Planet Labs PBC by 15.6% during the second quarter. 180 Wealth Advisors LLC now owns 151,412 shares of the company’s stock worth $297,000 after purchasing an additional 20,486 shares during the period. ARS Investment Partners LLC purchased a new stake in shares of Planet Labs PBC during the second quarter valued at $164,000. Finally, Penbrook Management LLC lifted its holdings in shares of Planet Labs PBC by 7.1% during the second quarter. Penbrook Management LLC now owns 456,655 shares of the company’s stock valued at $849,000 after purchasing an additional 30,230 shares during the last quarter. 41.71% of the stock is owned by institutional investors.

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.