Planet Labs PBC (NYSE:PL) Shares Gap Down After Earnings Miss

Planet Labs PBC (NYSE:PL)’s stock price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.24, but opened at $3.61. Planet Labs PBC shares last traded at $3.45, with a volume of 4,311,122 shares.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The company 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 firm posted ($0.06) earnings per share.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PL shares. Northland Securities boosted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. The Goldman Sachs Group boosted their price target on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Cantor Fitzgerald restated an “overweight” rating and set a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday. JMP Securities upped their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. Finally, Needham & Company LLC increased their target price on Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $6.27.

Institutional Trading of Planet Labs PBC

Several institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. lifted its stake in shares of Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after acquiring an additional 1,608 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in Planet Labs PBC by 19.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock worth $91,000 after purchasing an additional 3,753 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Planet Labs PBC by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company’s stock valued at $496,000 after purchasing an additional 5,785 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Finally, Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $40,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Down 11.0 %

The firm’s fifty day moving average price is $4.88 and its 200-day moving average price is $3.66. The stock has a market cap of $1.12 billion, a P/E ratio of -9.21 and a beta of 1.45.

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.