Planet Labs PBC (NYSE:PL) Shares Down 6.2% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s stock price was down 6.2% during mid-day trading on Friday . The company traded as low as $3.07 and last traded at $3.15. Approximately 791,567 shares were traded during trading, a decline of 77% from the average daily volume of 3,456,487 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. JMP Securities increased their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. Northland Securities lifted their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 target price on shares of Planet Labs PBC in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft increased their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.98.

Planet Labs PBC Trading Down 6.4 %

The company has a market cap of $950.58 million, a price-to-earnings ratio of -7.62 and a beta of 1.56. The business’s 50 day moving average price is $4.48 and its 200-day moving average price is $3.80.

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

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC lifted its position 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 buying an additional 6,072 shares during the last quarter. Monterey Private Wealth Inc. acquired a new position in Planet Labs PBC during the fourth quarter worth about $40,000. Wedbush Securities Inc. bought a new position in shares of Planet Labs PBC in the fourth quarter worth about $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $42,000. Finally, Sciencast Management LP bought a new stake in shares of Planet Labs PBC during the 4th quarter valued at approximately $43,000. 41.71% of the stock is currently owned by institutional investors.

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.