Needham & Company LLC Forecasts Strong Price Appreciation for Planet Labs PBC (NYSE:PL) Stock

Planet Labs PBC (NYSE:PL) had its price target lifted by Needham & Company LLC from $5.00 to $8.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 44.61% from the stock’s previous close.

PL has been the subject of several other reports. Citigroup upped their target price on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday. Craig Hallum increased their target price on Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Finally, JMP Securities restated a “market outperform” rating and set a $4.50 target price (up previously 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 nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Planet Labs PBC has an average rating of “Moderate Buy” and a consensus target price of $5.09.

Planet Labs PBC Stock Performance

PL stock opened at $5.53 on Thursday. The company has a 50 day moving average price of $4.14 and a two-hundred day moving average price of $2.97. The stock has a market capitalization of $1.64 billion, a P/E ratio of -13.49 and a beta of 1.32. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.25.

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in shares of Planet Labs PBC by 15.7% in the 2nd quarter. American Century Companies Inc. now owns 316,535 shares of the company’s stock valued at $589,000 after buying an additional 42,847 shares during the period. Renaissance Technologies LLC boosted its stake in Planet Labs PBC by 52.2% in the second quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock valued at $1,117,000 after acquiring an additional 206,000 shares during the period. Squarepoint Ops LLC grew its holdings in shares of Planet Labs PBC by 343.7% during the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock valued at $320,000 after purchasing an additional 133,307 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Planet Labs PBC by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after purchasing an additional 5,395 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

About Planet Labs PBC

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.