Planet Labs PBC (NYSE:PL) Price Target Lowered to $4.00 at JMP Securities

Planet Labs PBC (NYSE:PL - Free Report) had its price objective decreased by JMP Securities from $5.50 to $4.00 in a research note issued to investors on Monday, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other analysts have also recently weighed in on PL. Craig Hallum cut shares of Planet Labs PBC from a buy rating to a hold rating and set a $3.00 price objective for the company. in a research note on Friday, December 8th. Needham & Company LLC reissued a buy rating and issued a $7.00 target price on shares of Planet Labs PBC in a report on Monday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $5.59.

Planet Labs PBC Price Performance

PL stock traded down $0.30 during trading hours on Monday, reaching $2.25. The stock had a trading volume of 3,305,483 shares, compared to its average volume of 1,253,097. The stock has a 50-day simple moving average of $2.28 and a 200 day simple moving average of $2.34. The stock has a market capitalization of $647.17 million, a PE ratio of -4.41 and a beta of 0.78. Planet Labs PBC has a fifty-two week low of $1.99 and a fifty-two week high of $5.00.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Planet Labs PBC by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 18,276,242 shares of the company's stock worth $45,142,000 after acquiring an additional 502,346 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Planet Labs PBC by 12.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,463 shares of the company's stock worth $110,000 after acquiring an additional 5,078 shares during the last quarter. Barclays PLC grew its holdings in Planet Labs PBC by 82.1% during the 4th quarter. Barclays PLC now owns 478,582 shares of the company's stock worth $1,182,000 after acquiring an additional 215,769 shares during the last quarter. Voya Investment Management LLC grew its holdings in Planet Labs PBC by 161.2% during the 4th quarter. Voya Investment Management LLC now owns 2,020,521 shares of the company's stock worth $4,991,000 after acquiring an additional 1,246,940 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Planet Labs PBC by 89.5% in the 4th quarter. Royal Bank of Canada now owns 60,997 shares of the company's stock worth $150,000 after purchasing an additional 28,811 shares during the period. 41.71% of the stock is owned by institutional investors.

About Planet Labs PBC

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.