Planet Labs PBC (NYSE:PL) Price Target Raised to $7.00 at Benchmark

Planet Labs PBC (NYSE:PL) had its target price raised by equities researchers at Benchmark from $4.00 to $7.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 10.15% from the company’s previous close.

PL has been the subject of several other reports. JMP Securities raised their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a report on Thursday, January 30th. Northland Securities lifted their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group lifted their target price on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Thursday, January 30th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Down 1.5 %

Shares of NYSE PL traded down $0.10 during midday trading on Wednesday, reaching $6.36. The company had a trading volume of 2,714,427 shares, compared to its average volume of 6,649,678. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.55. The firm’s fifty day moving average price is $4.34 and its 200-day moving average price is $3.09. The stock has a market cap of $1.89 billion, a PE ratio of -15.50 and a beta of 1.40.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after purchasing an additional 487,958 shares during the period. ArrowMark Colorado Holdings LLC grew its position in Planet Labs PBC by 28.2% in the 3rd 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 during the period. Van ECK Associates Corp grew its position in Planet Labs PBC by 244.3% in the 4th quarter. Van ECK Associates Corp now owns 520,364 shares of the company’s stock worth $2,102,000 after purchasing an additional 369,206 shares during the period. Finally, State Street Corp grew its position in Planet Labs PBC by 5.7% in the 3rd 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. 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.