Planet Labs PBC (NYSE:PL) Shares Down 5% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s share price dropped 5% on Friday . The stock traded as low as $2.81 and last traded at $2.85. Approximately 474,051 shares changed hands during trading, a decline of 73% from the average daily volume of 1,765,522 shares. The stock had previously closed at $3.00.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research note on Friday, August 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research note on Thursday, September 26th. Needham & Company LLC dropped their price objective on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group reduced 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 research note on Tuesday, September 10th. Finally, Craig Hallum increased their target price on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Stock Performance

The stock has a market cap of $859.88 million, a price-to-earnings ratio of -6.23 and a beta of 0.97. The firm’s 50-day simple moving average is $2.28 and its two-hundred day simple moving average is $2.17.

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

Institutional Trading of Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perkins Coie Trust Co bought a new stake in Planet Labs PBC in the second quarter valued at about $28,000. Valeo Financial Advisors LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter valued at about $45,000. Algert Global LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter valued at about $38,000. Virtu Financial LLC acquired a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $52,000. Finally, Vontobel Holding Ltd. boosted its stake in Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares during the last quarter. 41.71% of the stock is owned by institutional investors.

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.