Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume

Planet Labs PBC (NYSE:PL) saw strong trading volume on Tuesday . 806,962 shares were traded during mid-day trading, a decline of 38% from the previous session’s volume of 1,293,053 shares.The stock last traded at $1.75 and had previously closed at $1.81.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating for the company in a research report on Friday, April 12th. 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 research report on Thursday, April 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a research report on Monday, April 1st. JMP Securities reduced their price objective on shares of Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research note on Monday, April 1st. Finally, Benchmark reduced their price objective on shares of Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.68.

Planet Labs PBC Stock Performance

The firm has a market cap of $508.59 million, a price-to-earnings ratio of -3.43 and a beta of 0.79. The stock’s 50 day simple moving average is $2.21 and its 200-day simple moving average is $2.29.

Institutional Trading of Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in PL. Raymond James & Associates boosted its holdings 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 buying an additional 53,524 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Planet Labs PBC during the first quarter valued at $412,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Planet Labs PBC in the first quarter valued at about $147,000. BlackRock Inc. acquired a new stake in shares of Planet Labs PBC in the first quarter valued at about $23,671,000. Finally, Allianz Asset Management GmbH acquired a new stake in shares of Planet Labs PBC in the first quarter valued at about $2,828,000. 41.71% of the stock is owned by hedge funds and other 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.