Planet Labs PBC (NYSE:PL) Trading Down 5% – What’s Next?

Planet Labs PBC (NYSE:PL) traded down 5% during mid-day trading on Friday . The company traded as low as $2.81 and last traded at $2.85. 474,051 shares traded hands during trading, a decline of 73% from the average session volume of 1,765,522 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PL shares. Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. The Goldman Sachs Group reduced their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, September 26th. Craig Hallum boosted their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. Finally, Needham & Company LLC lowered their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.93.

Planet Labs PBC Stock Performance

The stock has a 50-day simple moving average of $2.26 and a 200 day simple moving average of $2.15. The stock has a market capitalization of $845.22 million, a P/E ratio of -6.23 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The business had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Equities analysts predict that Planet Labs PBC will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its position in Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after acquiring an additional 5,395 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after purchasing an additional 6,215 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Planet Labs PBC by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after purchasing an additional 6,910 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after buying an additional 10,000 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Planet Labs PBC by 13.0% during the second quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock worth $193,000 after buying an additional 11,951 shares in the last quarter. 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.