Planet Labs PBC (NYSE:PL) Shares Gap Down on Disappointing Earnings

Planet Labs PBC (NYSE:PL)’s share price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $4.24, but opened at $3.61. Planet Labs PBC shares last traded at $3.45, with a volume of 4,311,122 shares changing hands.

The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The firm had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same period last year, the firm earned ($0.06) earnings per share.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PL shares. Citigroup boosted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Benchmark boosted their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a research note on Friday. Needham & Company LLC boosted their price target 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. Finally, The Goldman Sachs Group lifted their price objective on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Buy” and a consensus target price of $6.27.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ArrowMark Colorado Holdings LLC grew its holdings in Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after acquiring an additional 184,111 shares in the last quarter. Aspiring Ventures LLC acquired a new position in Planet Labs PBC during the 4th quarter worth approximately $849,000. Barclays PLC grew its holdings in Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after acquiring an additional 65,181 shares in the last quarter. Finally, State Street Corp grew its holdings in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after acquiring an additional 230,076 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Trading Down 11.0 %

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -9.21 and a beta of 1.45. The firm’s fifty day simple moving average is $4.88 and its 200 day simple moving average is $3.65.

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.