Planet Labs (NYSE:PL) stock is on the move today thanks to new analyst coverage of the shares.
The coverage of PL stock comes from Goldman Sachs analyst Noah Poponak. He starts off his coverage of the stock with a buy rating. For the record, that matches the analyst consensus, which comes from three buy ratings for the stock.
The Goldman Sachs analyst also assigns PL stock a price target with their new coverage of the company. That’s above the analyst consensus price target of $10.33 per share. It also represents a potential 95% upside over the stock’s closing price of Tuesday.
So what exactly has Poponak taking such a bullish stance on PL stock today? The analyst highlights the company as a leader in the satellite-based earth observation market. He also points to the current price as a good entry point for investors.
Investors seem to agree with that sentiment as PL stock is experiencing heavy trading today. As of this writing, more than 10 million shares of the company’s stock have changed hands. To put that in perspective, its daily average trading volume is closer to 3 million shares.
Planet Labs is a company that specializes in providing daily satellite data to its customers. It works with various businesses, governments, researchers, and journalists. The company was founded in 2010 and has a market capitalization of 1.855 billion.
PL stock is up 21.8% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.