Citigroup Issues Positive Forecast for Planet Labs PBC (NYSE:PL) Stock Price

Planet Labs PBC (NYSE:PL) had its price target boosted by Citigroup from $4.05 to $5.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 19.19% from the company’s previous close.

Other analysts also recently issued reports about the stock. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. JMP Securities reiterated a “market outperform” rating and issued a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group decreased their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $4.20 on Monday. The firm has a market cap of $1.24 billion, a PE ratio of -10.23 and a beta of 1.34. The business’s 50 day simple moving average is $3.04 and its 200 day simple moving average is $2.47. Planet Labs PBC has a 52-week low of $1.67 and a 52-week high of $4.99.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ArrowMark Colorado Holdings LLC lifted its stake in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after buying an additional 400,000 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after acquiring an additional 487,958 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Planet Labs PBC during the second quarter worth approximately $632,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Planet Labs PBC by 13.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after acquiring an additional 201,084 shares during the period. Finally, FMR LLC grew its position in shares of Planet Labs PBC by 25.3% in the third quarter. FMR LLC now owns 454,339 shares of the company’s stock valued at $1,013,000 after purchasing an additional 91,690 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

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.