Planet Labs PBC's (PL) "Buy" Rating Reiterated at Needham & Company LLC

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC's price objective would suggest a potential upside of 211.11% from the company's current price.

Separately, 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. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $5.59.

Planet Labs PBC Trading Down 11.8 %

Shares of Planet Labs PBC 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's 50 day moving average is $2.28 and its 200 day moving average is $2.34. The firm 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 twelve month low of $1.99 and a twelve month high of $5.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PL. Raymond James & Associates grew its position in shares of Planet Labs PBC by 385.7% in the 1st quarter. Raymond James & Associates now owns 67,400 shares of the company's stock valued at $342,000 after buying an additional 53,524 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Planet Labs PBC in the 1st quarter valued at $412,000. Cambridge Investment Research Advisors Inc. purchased a new position in Planet Labs PBC during the 1st quarter worth $147,000. BlackRock Inc. purchased a new position in Planet Labs PBC during the 1st quarter worth $23,671,000. Finally, Allianz Asset Management GmbH purchased a new position in Planet Labs PBC during the 1st quarter worth $2,828,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.