Planet Labs PBC (NYSE:PL) Shares Gap Up to $1.75

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $1.75, but opened at $1.80. Planet Labs PBC shares last traded at $1.75, with a volume of 79,043 shares traded.

Analyst Ratings Changes

PL has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $7.00 price target on shares of Planet Labs PBC in a research report on Monday, April 1st. JMP Securities reduced their price target on shares of Planet Labs PBC from $5.50 to $4.00 and set a "market outperform" rating on the stock in a research report on Monday, April 1st. Benchmark reduced their price target on shares of Planet Labs PBC from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Tuesday, April 2nd. Citigroup reduced their price target on shares of Planet Labs PBC from $4.50 to $3.90 and set a "buy" rating on the stock in a research report on Thursday, April 4th. Finally, The Goldman Sachs Group reduced their price target on shares of Planet Labs PBC from $4.80 to $4.20 and set a "buy" rating on the stock in a research report on Friday, April 12th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Planet Labs PBC has an average rating of "Moderate Buy" and a consensus price target of $4.68.

Planet Labs PBC Price Performance

The stock's fifty day simple moving average is $2.20 and its 200-day simple moving average is $2.29. The stock has a market cap of $510.04 million, a P/E ratio of -3.44 and a beta of 0.79.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently made changes to their positions in PL. Vanguard Group Inc. increased its stake in shares of Planet Labs PBC by 175.6% in the third quarter. Vanguard Group Inc. now owns 16,887,991 shares of the company's stock valued at $91,702,000 after purchasing an additional 10,759,901 shares during the period. BlackRock Inc. acquired a new position in shares of Planet Labs PBC during the first quarter valued at approximately $23,671,000. State Street Corp increased its stake in shares of Planet Labs PBC by 580.7% during the second quarter. State Street Corp now owns 4,064,196 shares of the company's stock valued at $17,598,000 after acquiring an additional 3,467,126 shares during the period. Voya Investment Management LLC increased its stake in shares of Planet Labs PBC by 161.2% during the fourth quarter. Voya Investment Management LLC now owns 2,020,521 shares of the company's stock valued at $4,991,000 after acquiring an additional 1,246,940 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Planet Labs PBC by 352.8% during the second quarter. Northern Trust Corp now owns 1,418,888 shares of the company's stock valued at $6,144,000 after acquiring an additional 1,105,535 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Company Profile

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.