Planet Labs PBC (PL) shares pushed higher Thursday, extending Wednesday's surge as a potent mix of institutional backing, sector strength, and technical momentum kept buyers engaged.

Institutional Money Shows Up

The rally got a meaningful boost after a Schedule 13G/A filing revealed that Driehaus Capital Management has taken a serious position in the satellite imagery company. The institutional investor holds 8.51 million Class A shares, representing a 2.91% stake as of December 31, according to the amended filing dated February 17. Driehaus reported shared voting and dispositive power over the position, the kind of detail that signals real conviction rather than a passing interest.

Planet Labs is outpacing the broader market Thursday by 22 basis points. Its home sector, Communication Services, is up 58 basis points on the day while the S&P 500 has slipped 19 basis points. Over the past month, the sector has gained 1.56%, and it's up 2.98% over the last 90 days.

The Charts Look Strong

From a technical standpoint, Planet Labs has been on a tear. The stock has climbed 323.71% over the past year, an eye-popping move that's left it trading just 1% below its 20-day Simple Moving Average. More importantly, it sits 36.8% above its 100-day SMA and 101.4% above its 200-day SMA, suggesting the long-term trend remains firmly intact.

Short Squeeze Potential Lurks

Short interest ticked up modestly in the last reporting period, rising from 38.68 million to 38.95 million shares. That represents 13.78% of publicly available shares, a meaningful chunk. Based on average daily volume of 15.14 million shares, short sellers would need approximately 2.57 days to cover their positions. That's a relatively tight window that could amplify price movements in either direction if momentum shifts quickly.

Earnings on the Horizon

Planet Labs is scheduled to report earnings on March 19, giving the market more than two weeks to position ahead of the print. Anticipation is building around the company's performance updates, though there's no immediate urgency driving action just yet.

Analyst Expectations:

• EPS Estimate: Loss of 8 cents, unchanged year-over-year
• Revenue Estimate: $78.18 million, up from $61.55 million year-over-year

Wall Street Remains Bullish: The stock carries a Buy rating with an average price target of $13.06. Recent analyst moves include some notably higher targets:

• Morgan Stanley: Equal-Weight, raised target to $26.00 on January 14
• Wedbush: Outperform, raised target to $28.00 on January 13
• Citigroup: Buy, raised target to $30.00 on January 13

Price Action: Planet Labs shares were up 0.42% at $23.84 at the time of publication Thursday.