Planet Labs PBC (NYSE:PL) Hits New 52-Week High – Time to Buy?

Shares of Planet Labs PBC (NYSE:PL) hit a new 52-week high during trading on Tuesday . The company traded as high as $6.71 and last traded at $6.49, with a volume of 9596640 shares trading hands. The stock had previously closed at $6.00.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PL shares. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald started coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 target price on the stock. Citigroup boosted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. The Goldman Sachs Group raised their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Stock Performance

The stock has a fifty day simple moving average of $4.56 and a 200-day simple moving average of $3.22. The stock has a market cap of $1.82 billion, a P/E ratio of -14.93 and a beta of 1.40.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Monterey Private Wealth Inc. acquired a new position in Planet Labs PBC during the 4th quarter worth approximately $40,000. SBI Securities Co. Ltd. bought a new stake in shares of Planet Labs PBC in the fourth quarter worth $42,000. Sciencast Management LP acquired a new position in Planet Labs PBC during the fourth quarter worth $43,000. PFG Investments LLC bought a new position in Planet Labs PBC in the fourth quarter valued at $55,000. Finally, Xponance Inc. increased its stake in Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after buying an additional 1,608 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

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.