Planet Labs PBC (NYSE:PL) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Planet Labs PBC (NYSE:PL) has received a consensus recommendation of "Moderate Buy" from analysts, with one hold rating and nine buy ratings.
• The average price target for the stock based on recent updates from brokerages is $6.86, with several analysts recently raising their price objectives.
• Institutional investors own 41.71% of Planet Labs PBC, with significant recent purchases from hedge funds such as Allspring Global Investments and Principal Financial Group.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $6.86.

Several equities research analysts recently weighed in on the company. Wedbush raised their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. The Goldman Sachs Group assumed coverage on Planet Labs PBC in a report on Monday, June 30th. They set a "neutral" rating and a $4.60 price objective on the stock. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. JMP Securities lifted their target price on Planet Labs PBC from $6.50 to $8.00 and gave the stock a "market outperform" rating in a report on Tuesday, July 22nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $8.50 target price (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th.

Planet Labs PBC Stock Up 1.1%

NYSE PL opened at $6.53 on Monday. Planet Labs PBC has a twelve month low of $1.76 and a twelve month high of $7.72. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -18.15 and a beta of 1.81. The business's fifty day moving average is $6.60 and its 200 day moving average is $4.94.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in Planet Labs PBC during the 1st quarter worth about $115,000. Rhumbline Advisers lifted its holdings in Planet Labs PBC by 2.3% during the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock worth $994,000 after buying an additional 6,692 shares during the period. Principal Financial Group Inc. lifted its holdings in Planet Labs PBC by 1,316.8% during the 1st quarter. Principal Financial Group Inc. now owns 167,362 shares of the company's stock worth $566,000 after buying an additional 155,549 shares during the period. Deutsche Bank AG lifted its holdings in Planet Labs PBC by 48.9% during the 4th quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock worth $842,000 after buying an additional 68,465 shares during the period. Finally, Vontobel Holding Ltd. lifted its holdings in Planet Labs PBC by 220.5% during the 1st quarter. Vontobel Holding Ltd. now owns 45,143 shares of the company's stock worth $153,000 after buying an additional 31,057 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company's platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.

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