Planet Labs PBC (NYSE:PL) Stock Price Down 10.9% – What’s Next?

Planet Labs PBC (NYSE:PL) shares were down 10.9% during mid-day trading on Monday . The stock traded as low as $3.56 and last traded at $3.55. Approximately 2,262,959 shares changed hands during trading, a decline of 28% from the average daily volume of 3,123,364 shares. The stock had previously closed at $3.98.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PL shares. Needham & Company LLC boosted their target price on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. The Goldman Sachs Group increased their price objective 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. JMP Securities lifted their target price on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald began coverage on Planet Labs PBC in a research report on Friday, January 24th. They set an “overweight” rating and a $6.30 price target on the stock. Finally, Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Down 8.7 %

The company has a market cap of $1.08 billion, a P/E ratio of -8.87 and a beta of 1.45. The company has a 50 day moving average price of $4.89 and a 200-day moving average price of $3.57.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank acquired a new stake in Planet Labs PBC in the fourth quarter worth approximately $64,000. WS Management Lllp acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at $1,010,000. Squarepoint Ops LLC bought a new position in Planet Labs PBC during the fourth quarter valued at about $321,000. Sherbrooke Park Advisers LLC acquired a new position in Planet Labs PBC during the fourth quarter worth about $106,000. Finally, ProShare Advisors LLC raised its position in Planet Labs PBC by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 60,777 shares of the company’s stock worth $246,000 after acquiring an additional 20,426 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

About Planet Labs PBC

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.