Planet Labs PBC (NYSE:PL) Trading Down 7.3% – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price dropped 7.3% during mid-day trading on Monday . The stock traded as low as $3.03 and last traded at $3.00. Approximately 422,991 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 3,496,957 shares. The stock had previously closed at $3.23.

Analyst Upgrades and Downgrades

PL has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Northland Securities upped their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Thursday, January 30th. The Goldman Sachs Group restated a “neutral” rating and set a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.98.

Planet Labs PBC Trading Up 3.0 %

The stock’s 50 day moving average is $3.98 and its 200-day moving average is $3.85. The company has a market cap of $921.87 million, a P/E ratio of -7.44 and a beta of 1.56.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. During the same period last year, the business earned ($0.06) earnings per share. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently bought and sold shares of the business. Sterling Capital Management LLC raised its position in Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after purchasing an additional 6,072 shares during the period. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $40,000. Wedbush Securities Inc. purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth approximately $41,000. SBI Securities Co. Ltd. bought a new stake in shares of Planet Labs PBC during the 4th quarter worth approximately $42,000. Finally, Sciencast Management LP purchased a new position in Planet Labs PBC during the 4th quarter valued at $43,000. Institutional investors own 41.71% of the company’s stock.

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.