Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume

Planet Labs PBC (NYSE:PL - Get Free Report) saw strong trading volume on Tuesday . 806,962 shares were traded during trading, a decline of 38% from the previous session's volume of 1,293,053 shares.The stock last traded at $1.75 and had previously closed at $1.81.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $7.00 price objective on shares of Planet Labs PBC in a research report on Monday, April 1st. The Goldman Sachs Group lowered their price objective 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. JMP Securities lowered their price objective 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 lowered their target price on shares of Planet Labs PBC from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Tuesday, April 2nd. Finally, Citigroup lowered their target price on shares of Planet Labs PBC from $4.50 to $3.90 and set a "buy" rating on the stock in a report on Thursday, April 4th. One 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 presently has an average rating of "Moderate Buy" and a consensus target price of $5.01.

Planet Labs PBC Price Performance

The company's 50 day moving average is $2.22 and its 200 day moving average is $2.29. The stock has a market cap of $499.87 million, a price-to-earnings ratio of -3.37 and a beta of 0.78.

Institutional Trading of Planet Labs PBC

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

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.