Planet Labs PBC (NYSE:PL) Stock Price Expected to Rise, Wedbush Analyst Says

Key Points

• Wedbush raised its price target on Planet Labs from $40 to $50 and kept an outperform rating, implying about 21.5% upside from the prior close.
• Analyst sentiment is mixed overall: the stock has a Hold consensus with an average target price of $30.61, even as several firms have recently lifted their targets or maintained bullish ratings.
• Planet Labs shares have rallied sharply, opening at $41.15, near the 52-week high of $43.12, after rising well above both the 50-day and 200-day moving averages.

Planet Labs PBC (NYSE:PL - Get Free Report) had its target price boosted by research analysts at Wedbush from $40.00 to $50.00 in a report released on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wedbush's target price points to a potential upside of 21.51% from the company's previous close.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group raised their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Monday, April 20th. Weiss Ratings lowered shares of Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Cantor Fitzgerald boosted their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the stock a "buy" rating in a report on Friday, March 27th. Finally, New Street Research assumed coverage on Planet Labs PBC in a report on Wednesday. They issued a "sell" rating and a $28.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Planet Labs PBC presently has an average rating of "Hold" and a consensus target price of $30.61.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock opened at $41.15 on Thursday. The stock has a market cap of $14.24 billion, a price-to-earnings ratio of -52.19 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The stock has a 50 day moving average price of $32.97 and a 200-day moving average price of $23.93. Planet Labs PBC has a one year low of $3.47 and a one year high of $43.12.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.53% of the company's stock.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors have recently bought and sold shares of PL. Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company's stock worth $381,750,000 after purchasing an additional 806,818 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock valued at $47,704,000 after purchasing an additional 20,400 shares in the last quarter. Van ECK Associates Corp increased its stake in Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock worth $151,429,000 after buying an additional 5,851,758 shares during the period. Geode Capital Management LLC lifted its holdings in Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company's stock worth $112,475,000 after buying an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Planet Labs PBC by 7.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company's stock worth $81,599,000 after acquiring an additional 301,757 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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