Planet Labs PBC (NYSE:PL) Shares Gap Up to $1.75

Planet Labs PBC (NYSE:PL)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $1.75, but opened at $1.80. Planet Labs PBC shares last traded at $1.75, with a volume of 79,043 shares traded.

Analyst Upgrades and Downgrades

PL has been the subject of several research reports. JMP Securities reduced their price objective on Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a report on Monday, April 1st. The Goldman Sachs Group reduced their price objective on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research report on Friday, April 12th. Benchmark dropped their price objective on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Planet Labs PBC in a report on Monday, April 1st. Finally, Citigroup lowered their price target on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a report on Thursday, April 4th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.68.

Planet Labs PBC Stock Up 3.1 %

The business has a 50 day simple moving average of $2.21 and a 200-day simple moving average of $2.29.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently modified their holdings of the stock. Raymond James & Associates increased its position in Planet Labs PBC by 385.7% during the first quarter. Raymond James & Associates now owns 67,400 shares of the company’s stock worth $342,000 after purchasing an additional 53,524 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth $412,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Planet Labs PBC in the 1st quarter worth $147,000. BlackRock Inc. purchased a new position in shares of Planet Labs PBC in the 1st quarter worth $23,671,000. Finally, Allianz Asset Management GmbH acquired a new position in Planet Labs PBC in the first quarter valued at $2,828,000. 41.71% of the stock is owned by institutional investors and hedge funds.

About Planet Labs PBC

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.