Planet Labs PBC (NYSE:PL) Shares Gap Up – Should You Buy?

Planet Labs PBC (NYSE:PL)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $5.46, but opened at $6.25. Planet Labs PBC shares last traded at $5.37, with a volume of 11,300,923 shares changing hands.

Wall Street Analyst Weigh In

PL has been the topic of a number of research reports. 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 report on Tuesday, December 17th. Citigroup raised their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. JMP Securities reissued a “market outperform” rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Craig Hallum raised their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research report on Tuesday, December 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Planet Labs PBC in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Moderate Buy” and a consensus price target of $4.54.

Planet Labs PBC Stock Down 0.5 %

The company’s 50-day moving average is $4.09 and its two-hundred day moving average is $2.95. The company has a market cap of $1.61 billion, a P/E ratio of -13.18 and a beta of 1.32.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the company. Jennison Associates LLC bought a new position in Planet Labs PBC in the 4th quarter worth approximately $638,000. PFG Investments LLC bought a new position in shares of Planet Labs PBC in the fourth quarter worth $55,000. Aspiring Ventures LLC purchased a new position in shares of Planet Labs PBC in the fourth quarter valued at $849,000. Monterey Private Wealth Inc. bought a new stake in shares of Planet Labs PBC during the 4th quarter valued at $40,000. Finally, JPMorgan Chase & Co. lifted its holdings in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after purchasing an additional 184,111 shares in 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.