Planet Labs PBC (NYSE:PL) is one of the Best Space Technology Stocks to Buy Now.
Planet Labs PBC (NYSE:PL) has declined around 12% over the past month
However, the Street remains bullish on the stock, with analysts’ 12-month price target suggesting more than 37% upside. Recently, on July 1, Wedbush initiated coverage of the stock with a Buy rating and a $50 price target. The firm noted that the company is strategically placed at the intersection of two major forces.
Firstly, Wedbush noted that nations are increasingly seeking sovereign access to space, and secondly, AI is unlocking value from data. The firm noted that Planet Labs scans the entire Earth daily and that no competitor can replicate this dataset. Wedbush believes the company to be an indispensable data layer that sits at the intersection of space and AI.