Planet Labs PBC (NYSE:PL) Shares Gap Up – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.73, but opened at $3.97. Planet Labs PBC shares last traded at $4.01, with a volume of 874,080 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup lifted their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. JMP Securities reissued a “market outperform” rating and issued a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. 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. Deutsche Bank Aktiengesellschaft boosted their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Finally, Craig Hallum boosted their target price on 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 equities research analyst has rated the stock with a hold rating and seven have given 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 price target of $4.33.

Planet Labs PBC Price Performance

The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -9.30 and a beta of 1.32. The firm has a 50-day moving average price of $3.80 and a two-hundred day moving average price of $2.78.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PL. ArrowMark Colorado Holdings LLC raised its holdings in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares in the last quarter. Barclays PLC raised its holdings in Planet Labs PBC by 25.0% during the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after acquiring an additional 65,181 shares in the last quarter. State Street Corp raised its holdings in Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after acquiring an additional 230,076 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after acquiring an additional 487,958 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Planet Labs PBC by 16.5% during the third 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 in the last quarter. 41.71% of the stock is 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.