Planet Labs PBC (NYSE:PL) Price Target Cut to $4.20 by Analysts at The Goldman Sachs Group

Planet Labs PBC (NYSE:PL) had its target price reduced by The Goldman Sachs Group from $4.80 to $4.20 in a research note issued to investors on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Needham & Company LLC reaffirmed a buy rating and set a $7.00 target price on shares of Planet Labs PBC in a research report on Monday, April 1st. Citigroup lowered their price objective on Planet Labs PBC from $4.50 to $3.90 and set a buy rating for the company in a report on Thursday, April 4th. JMP Securities lowered their price objective on Planet Labs PBC from $5.50 to $4.00 and set a market outperform rating for the company in a report on Monday, April 1st. Finally, Benchmark lowered their price objective on Planet Labs PBC from $5.00 to $4.00 and set a buy rating for the company in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Planet Labs PBC has a consensus rating of Moderate Buy and a consensus target price of $5.01.

Planet Labs PBC Trading Down 10.4 %

Shares of Planet Labs PBC stock opened at $1.80 on Friday. The business’s fifty day moving average price is $2.23 and its 200 day moving average price is $2.30. Planet Labs PBC has a twelve month low of $1.80 and a twelve month high of $5.00. The stock has a market capitalization of $523.12 million, a P/E ratio of -3.53 and a beta of 0.78.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PL. Xponance Inc. bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $25,000. Navalign LLC bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $28,000. Bleakley Financial Group LLC bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $28,000. Simplicity Solutions LLC bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $28,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Planet Labs PBC in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

About Planet Labs PBC

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.