Planet Labs PBC (NYSE:PL) Stock Price Down 4%

Planet Labs PBC (NYSE:PL) shares were down 4% on Tuesday . The company traded as low as $2.64 and last traded at $2.64. Approximately 203,838 shares were traded during trading, a decline of 87% from the average daily volume of 1,556,047 shares. The stock had previously closed at $2.75.

Wall Street Analyst Weigh In

PL has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 27th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. Craig Hallum dropped their price target on Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Friday, June 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $7.00 price objective on shares of Planet Labs PBC in a research report on Friday, June 21st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.

Planet Labs PBC Stock Down 2.5 %

The firm has a 50 day moving average of $2.18 and a 200 day moving average of $2.10. The firm has a market cap of $731.29 million, a PE ratio of -5.24 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. The firm had revenue of $60.44 million for the quarter, compared to the consensus estimate of $59.80 million. During the same quarter in the previous year, the company posted ($0.13) EPS. On average, research analysts anticipate that Planet Labs PBC will post -0.4 EPS for the current year.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently modified their holdings of the business. Perkins Coie Trust Co purchased a new stake in Planet Labs PBC during the 2nd quarter worth about $28,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth about $34,000. Algert Global LLC bought a new position in shares of Planet Labs PBC in the second quarter valued at approximately $38,000. Virtu Financial LLC purchased a new position in Planet Labs PBC during the first quarter valued at approximately $52,000. Finally, Victory Capital Management Inc. grew its stake in Planet Labs PBC by 30.9% during the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock valued at $55,000 after acquiring an additional 5,284 shares in 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.