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

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

Wall Street Analyst Weigh In

PL has been the topic of several research analyst reports. Needham & Company LLC dropped their price objective on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Craig Hallum lifted their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research report on Thursday, September 26th. The Goldman Sachs Group dropped their target price on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Trading Down 2.3 %

The company has a 50 day simple moving average of $2.28 and a 200 day simple moving average of $2.17. The stock has a market cap of $859.88 million, a P/E ratio of -6.23 and a beta of 0.97.

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

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently modified their holdings of PL. Mirae Asset Global Investments Co. Ltd. bought a new stake in Planet Labs PBC during the first quarter worth $164,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Planet Labs PBC by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock worth $1,495,000 after purchasing an additional 13,075 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Planet Labs PBC by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares during the period. Quadrature Capital Ltd acquired a new stake in Planet Labs PBC in the 1st quarter valued at about $66,000. Finally, PEAK6 Investments LLC grew its holdings in Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after purchasing an additional 207,558 shares during the period. 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.