Planet Labs PBC (NYSE:PL) Short Interest Update

Planet Labs PBC (NYSE:PL) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 6,370,000 shares, a decrease of 16.1% from the September 30th total of 7,590,000 shares. Based on an average trading volume of 2,400,000 shares, the short-interest ratio is currently 2.7 days. Currently, 3.3% of the shares of the stock are sold short.

Planet Labs PBC Stock Performance

PL traded down $0.03 during midday trading on Wednesday, hitting $2.35. The stock had a trading volume of 1,353,885 shares, compared to its average volume of 1,720,302. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $2.89. The business has a fifty day moving average of $2.28 and a 200 day moving average of $2.10. The company has a market cap of $689.67 million, a P/E ratio of -5.00 and a beta of 0.98.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. The business had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. On average, equities research analysts anticipate that Planet Labs PBC will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Planet Labs PBC in the first quarter worth $164,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Planet Labs PBC by 2.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock valued at $1,495,000 after acquiring an additional 13,075 shares during the period. Vanguard Group Inc. raised its stake 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 valued at $47,270,000 after acquiring an additional 261,019 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Planet Labs PBC during the first quarter worth about $66,000. Finally, PEAK6 Investments LLC grew its stake in shares of Planet Labs PBC by 224.2% in 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 last quarter. Institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

PL has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price objective on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, September 26th. Craig Hallum lifted their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. The Goldman Sachs Group decreased their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

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.