Planet Labs (PL) Rockets to New High on Rating, PT Upgrade

We recently published 10 Stocks Investors Are Gobbling Up. Planet Labs PBC (NYSE:PL) is one of the best performers on Thursday.

Shares of Planet Labs rallied to a new all-time high on Thursday, as investors took path from a price target and rating upgrade from an investment firm.

During the trading session, Planet Labs PBC (NYSE:PL) touched its highest 52-week price of $10.08 before trimming gains to end the day just up by 7.8 percent at $9.67 apiece.

In a market note on Tuesday, Craig-Hallum raised its price target for the stock to $11 from $9 previously, while maintaining a “buy” recommendation amid its strong performance across various businesses, including military, maritime, agriculture, and wide area monitoring.

Additionally, it was optimistic for the company’s expansion beyond imagery, having tapped the power of artificial intelligence to detect objects and changes, and the launch of high-resolution Pelican satellites, among others.

In other developments, Planet Labs PBC (NYSE:PL) announced plans to raise $300 million from the issuance of senior convertible notes to qualified institutional buyers to raise funds for general corporate purposes.

The notes will bear interest rates payable semi-annually in arrears, and will mature on October 15, 2030, unless earlier redeemed, converted, or repurchased.

While we acknowledge the potential of PL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.