Planet Labs PBC (NYSE:PL) Shares Gap Down – What’s Next?

Planet Labs PBC (NYSE:PL) shares gapped down before the market opened on Monday . The stock had previously closed at $3.17, but opened at $2.81. Planet Labs PBC shares last traded at $2.88, with a volume of 862,063 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PL. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a research note on Monday, March 24th. Citigroup lifted their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Thursday, January 30th. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Performance

The company has a market cap of $983.83 million, a P/E ratio of -7.94 and a beta of 1.56. The stock has a 50 day moving average price of $4.76 and a 200 day moving average price of $3.77.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business had revenue of $61.55 million during the quarter, compared to the consensus estimate of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same quarter last year, the firm posted ($0.06) earnings per share. As a group, equities research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PL. Sterling Capital Management LLC boosted its stake in shares of Planet Labs PBC by 790.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after acquiring an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $40,000. Wedbush Securities Inc. acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $41,000. SBI Securities Co. Ltd. purchased a new position in Planet Labs PBC in the 4th quarter worth about $42,000. Finally, Sciencast Management LP acquired a new stake in Planet Labs PBC during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.