Planet Labs PBC (NYSE:PL) Stock Price Up 4.1% - What's Next?

Planet Labs PBC (NYSE:PL) saw an increase in its stock price by 4.1% on Friday. The stock reached a high of $4.07 before settling at $4.05. During mid-day trading, around 345,776 shares changed hands, which represents a sharp decline of 84% from the average daily trading volume of 2,118,918 shares. The previous close for the stock was at $3.89.

Wall Street analysts have shared their insights regarding Planet Labs PBC's stock performance.

Wall Street Analysts Forecast Growth

Several brokerages have recently updated their ratings for Planet Labs PBC. The Goldman Sachs Group adjusted their price target from $3.50 to $3.10, maintaining a "buy" rating on the stock as noted in a report dated September 10th. JMP Securities reaffirmed their "market outperform" rating but increased their price target to $4.50, up from $4.00. Recently, Craig Hallum raised its price target for Planet Labs PBC from $2.50 to $3.50 and assigned a "hold" rating. Similarly, Wedbush reaffirmed an "outperform" rating, setting a target price of $5.00 on August 16th. Needham & Company also maintained a "buy" rating with a price target of $5.00 on September 10th. Currently, one analyst rates the stock as hold, while six others have assigned it a buy recommendation. According to MarketBeat, Planet Labs PBC has an overall rating of "Moderate Buy" with an average price target of $4.14.

Planet Labs PBC Stock Performance

As of now, the stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -9.52, and a beta value of 1.34. Over the short term, the 50-day moving average stands at $2.92, while the 200-day moving average is $2.41.

Institutional Inflows and Outflows

Recently, numerous hedge funds and institutional investors have made adjustments to their holdings in Planet Labs PBC. For example, The Manufacturers Life Insurance Company increased its shareholding by 8.1% during the second quarter, now owning 71,850 shares valued at $134,000 after purchasing an additional 5,395 shares. Price T Rowe Associates Inc. MD enhanced its investment in the first quarter by 14.0%, bringing its total shares to 50,678, worth $130,000 after acquiring an extra 6,215 shares. Vanguard Personalized Indexing Management LLC raised its stake by 11.8% in the second quarter, now holding 65,256 shares valued at $121,000, after an additional purchase of 6,910 shares. Vontobel Holding Ltd. significantly increased its position by 81.5% during the third quarter, now owning 22,270 shares worth $50,000 after obtaining an additional 10,000 shares. Van ECK Associates Corp also rose its investment by 13.0% in the second quarter, now holding 103,768 shares valued at $193,000 after acquiring an extra 11,951 shares. Overall, hedge funds and institutional investors hold approximately 41.71% of Planet Labs PBC's stock.

Planet Labs PBC Company Profile

Planet Labs PBC specializes in designing, building, and launching constellations of satellites aimed at providing high-frequency geospatial data. This data is made available to customers through an online platform globally. Their services encompass planet monitoring, basemaps, tasking capabilities, applications, and APIs, along with analytics and planetary variables.

Conclusion

Investors are keen to understand the future trajectory of Planet Labs PBC’s stock after the recent uptick in price. There remains a division among analysts regarding buy recommendations and market performance. While the stock has a rating of "Moderate Buy," some top analysts suggest there may be other investments worth considering.

Planet, Labs, Stock