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

Planet Labs PBC (NYSE:PL) 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 changing hands.

Analyst Upgrades and Downgrades

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

Planet Labs PBC Stock Performance

The company has a market cap of $507.13 million, a price-to-earnings ratio of -3.42 and a beta of 0.79. The stock’s fifty day moving average is $2.19 and its two-hundred day moving average is $2.28.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Planet Labs PBC by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 18,276,242 shares of the company’s stock worth $45,142,000 after purchasing an additional 502,346 shares in the last quarter. BlackRock Inc. grew its position in Planet Labs PBC by 1.8% in the 2nd quarter. BlackRock Inc. now owns 13,811,757 shares of the company’s stock worth $44,474,000 after purchasing an additional 245,109 shares in the last quarter. State Street Corp grew its position in Planet Labs PBC by 1.4% in the 2nd quarter. State Street Corp now owns 4,797,748 shares of the company’s stock worth $15,449,000 after purchasing an additional 67,282 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Planet Labs PBC by 7.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,709,029 shares of the company’s stock valued at $11,943,000 after acquiring an additional 251,872 shares during the period. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Company Profile

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.