Planet Labs PBC (NYSE:PL) Stock Price Down 5.6%

Shares of Planet Labs PBC (NYSE:PL) traded down 5.6% on Tuesday . The stock traded as low as $2.68 and last traded at $2.68. 4,423,171 shares changed hands during mid-day trading, an increase of 189% from the average session volume of 1,532,630 shares. The stock had previously closed at $2.84.

Wall Street Analysts Forecast Growth

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

Planet Labs PBC Trading Down 3.7 %

The business’s fifty day simple moving average is $2.08 and its 200-day simple moving average is $2.08. The firm has a market cap of $795.26 million, a P/E ratio of -5.58 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last released 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). The firm had revenue of $60.44 million during the quarter, compared to the consensus estimate of $59.80 million. Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. During the same period in the previous year, the company posted ($0.13) EPS. As a group, research analysts expect that Planet Labs PBC will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. King Luther Capital Management Corp purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $963,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Planet Labs PBC during the second quarter worth about $632,000. Vanguard Group Inc. boosted its holdings in shares of Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after purchasing an additional 261,019 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Planet Labs PBC by 78.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock worth $1,341,000 after purchasing an additional 252,406 shares during the period. Finally, PEAK6 Investments LLC boosted its holdings in shares of Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after purchasing an additional 207,558 shares during the period. 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.