Citigroup Raises Price Target for Planet Labs PBC

Citigroup has raised its price target for Planet Labs PBC (NYSE:PL) from $4.05 to $5.00 in a recent report published on Monday. This adjustment signals potential growth for the company, as the new target price suggests a possible upside of 21.07% based on the current stock price. Along with the price increase, Citigroup has assigned a "buy" rating to the stock, encouraging investors to consider it as a viable option.

Significant interest in Planet Labs PBC has been noted among other analysts as well. Notably, Needham & Company LLC reaffirmed its "buy" rating and kept its target price at $5.00 for the company’s shares in a report dated December 10. Similarly, JMP Securities issued a "market outperform" rating with an increased price target of $4.50, up from $4.00, just a day earlier.

On the contrary, Goldman Sachs Group lowered its target price from $3.50 to $3.10 while maintaining a "buy" rating on Planet Labs PBC on September 10. Meanwhile, Craig Hallum increased their target from $2.50 to $3.50, assigning a "hold" rating to the stock. According to recent data, one analyst has given a hold rating and six have rated it as a buy. The consensus rating among analysts is categorized as a "Moderate Buy," with an average price target of $4.30.

Stock Performance Overview

On Monday, Planet Labs PBC's stock saw an increase of $0.12, closing the day at $4.13. The trading volume reached 1,596,532 shares, compared to its average volume of approximately 2,128,268 shares. Presently, the company holds a market capitalization of around $1.23 billion, with a price-to-earnings ratio of -9.95. The stock beta stands at 1.34, indicating some volatility. Over the last year, Planet Labs PBC has fluctuated between a low of $1.67 and a high of $4.99, showcasing its growth potential.

Institutional Ownership Dynamics

Recent trends show an increase in institutional investment in Planet Labs PBC as several hedge funds have either increased or initiated positions in the company. Price T Rowe Associates Inc. MD boosted its holdings by 14.0% in the first quarter, now owning 50,678 shares valued at about $130,000 after acquiring an additional 6,215 shares in the last quarter. SG Americas Securities LLC significantly expanded its position by 234.6% in the second quarter, now holding 44,442 shares worth $83,000, after purchasing 31,160 shares.

Additionally, Penbrook Management LLC enhanced its stake by 7.1% during the same period, owning 456,655 shares valued at $849,000 following the acquisition of 30,230 shares. Bank of New York Mellon Corp also increased its position by 9.7%, now holding 636,374 shares with a value of $1,184,000 after buying 56,124 additional shares. Approximately 41.71% of Planet Labs PBC's stock is currently owned by institutional investors.

About Planet Labs PBC

Planet Labs PBC specializes in designing, building, and launching satellites aimed at providing high-frequency geospatial data to customers worldwide. Its online platform includes tools for planet monitoring, basemapping, app integrations, APIs, and analytics.

Citigroup, PlanetLabs, Stock