Planet Labs PBC (NYSE:PL) Shares Gap Down – Should You Sell?

Planet Labs PBC (NYSE:PL) gapped down before the market opened on Friday . The stock had previously closed at $3.88, but opened at $3.71. Planet Labs PBC shares last traded at $3.84, with a volume of 1,150,712 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. The Goldman Sachs Group dropped their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Planet Labs PBC in a research note on Tuesday, December 10th. Citigroup raised their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Craig Hallum lifted their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $4.33.

Planet Labs PBC Trading Up 4.1 %

The firm’s 50 day moving average price is $3.15 and its 200-day moving average price is $2.50. The company has a market cap of $1.20 billion, a P/E ratio of -9.85 and a beta of 1.34.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds and other institutional investors have recently bought and sold shares of PL. Franklin Resources Inc. boosted its stake in Planet Labs PBC by 4.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after purchasing an additional 71,719 shares during the period. Barclays PLC increased its stake in Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after acquiring an additional 65,181 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Planet Labs PBC during the third quarter worth about $406,000. Finally, XTX Topco Ltd lifted its stake in Planet Labs PBC by 56.8% in the 3rd quarter. XTX Topco Ltd now owns 169,205 shares of the company’s stock valued at $377,000 after purchasing an additional 61,274 shares during the last quarter. Institutional investors 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.