Planet Labs PBC (NYSE:PL) Sees Large Volume Increase – Should You Buy?

Planet Labs PBC (NYSE:PL) shares saw an uptick in trading volume on Thursday . 2,432,419 shares were traded during trading, an increase of 9% from the previous session’s volume of 2,241,379 shares.The stock last traded at $4.43 and had previously closed at $4.14.

Analyst Upgrades and Downgrades

PL has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Tuesday, December 10th. The Goldman Sachs Group cut their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Craig Hallum boosted their price objective on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.33.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $1.36 billion, a P/E ratio of -11.20 and a beta of 1.34. The firm has a 50 day simple moving average of $3.26 and a two-hundred day simple moving average of $2.55.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds have recently modified their holdings of PL. Algert Global LLC bought a new stake in shares of Planet Labs PBC during the 2nd quarter worth $38,000. Valeo Financial Advisors LLC bought a new stake in Planet Labs PBC in the third quarter worth about $45,000. Vontobel Holding Ltd. boosted its stake in Planet Labs PBC by 81.5% in the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after acquiring an additional 10,000 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Planet Labs PBC during the 3rd quarter valued at approximately $61,000. Finally, SG Americas Securities LLC increased its stake in shares of Planet Labs PBC by 234.6% during the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock worth $83,000 after purchasing an additional 31,160 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

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.