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

Planet Labs PBC (NYSE:PL) had its price target boosted by equities research analysts at Wedbush from $40.00 to $50.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 21.51% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Cantor Fitzgerald boosted their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. The Goldman Sachs Group upped their target price on Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Morgan Stanley boosted their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 25th. Finally, Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Trading Up 1.0%

Shares of Planet Labs PBC stock opened at $41.15 on Thursday. The business has a 50 day moving average price of $32.97 and a 200 day moving average price of $23.93. The company has a market capitalization of $14.24 billion, a P/E ratio of -52.19 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. Planet Labs PBC has a 1 year low of $3.47 and a 1 year high of $43.12.

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the transaction, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PL. Vanguard Group Inc. lifted its stake in shares of Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares during the period. Van ECK Associates Corp increased its holdings in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares during the last quarter. Geode Capital Management LLC increased its holdings in Planet Labs PBC by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Planet Labs PBC by 7.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after buying an additional 301,757 shares during the period. Institutional investors own 41.71% of the company’s stock.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.