Citigroup Increases Planet Labs PBC Price Target to $5.00

Citigroup has raised its price target for Planet Labs PBC (NYSE:PL) from $4.05 to $5.00, as reported on Monday. This adjustment signifies a buy rating from the brokerage for the company's stock. The new price target suggests a potential upside of approximately 21.07% based on Planet Labs' current market price.

Analyst Ratings Overview

Several other research analysts have also provided insights on Planet Labs recently. For instance, on December 10th, Needham & Company LLC reiterated its buy rating and set a similar price target of $5.00. Just a day before, JMP Securities raised its price target from $4.00 to $4.50 for Planet Labs, maintaining a market outperform rating. However, the Goldman Sachs Group decided to reduce its target from $3.50 to $3.10, while still holding a buy rating for the stock. Additionally, Craig Hallum increased its target price from $2.50 to $3.50 and assigned a hold rating on December 10th.

Current Market Position

As it stands, one analyst has rated Planet Labs with a hold, while six others have assigned buy ratings to the stock. According to MarketBeat.com, the average rating for Planet Labs PBC stands at "Moderate Buy," with a consensus price target of $4.30.

Stock Performance

On the trading day following the report, Planet Labs’ stock gained $0.12, reaching a price of $4.13. The trading volume for the day was recorded at 1,596,532 shares, with an average trading volume of 2,128,268. Currently, the company boasts a market cap of $1.23 billion, a price-to-earnings ratio of -9.95, and a beta of 1.34. Over the past year, the stock has experienced a low of $1.67 and a high of $4.99.

Hedge Fund Activity

In terms of hedging activities, several hedge funds have increased their positions in Planet Labs PBC. For example, during the first quarter, Price T. Rowe Associates Inc. MD boosted its stake by 14.0%, now owning 50,678 shares valued at $130,000. SG Americas Securities LLC ramped up its holding by an impressive 234.6% in the second quarter, acquiring an additional 31,160 shares. Other funds, including Penbrook Management LLC and the Bank of New York Mellon Corp, have also made notable increases in their Planet Labs positions. Currently, institutional investors and hedge funds hold approximately 41.71% of the company's stock.

About Planet Labs PBC

Planet Labs PBC specializes in designing and launching satellite constellations aimed at providing high-frequency geospatial data to clients globally. Their platform encompasses various services including planet monitoring, basemaps, tasking options, applications, application programming interfaces, as well as analytics and planetary variables.

Additional Insights

As analysts continue to evaluate the potential of Planet Labs, the recent upgrades in ratings and price targets reflect growing optimism about the company's prospects. Investors looking to explore further opportunities in the market may find Planet Labs PBC an interesting option.

Citigroup, PlanetLabs, Stock, Rating