Planet Labs PBC (NYSE:PL) Trading Down 7.4% – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) fell 7.4% during trading on Wednesday . The stock traded as low as $5.76 and last traded at $5.73. 3,724,491 shares changed hands during trading, a decline of 42% from the average session volume of 6,468,566 shares. The stock had previously closed at $6.19.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PL. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. The Goldman Sachs Group increased their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. Needham & Company LLC raised their price objective on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Northland Securities upped their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Stock Down 8.9 %

The firm has a 50 day moving average price of $4.85 and a 200-day moving average price of $3.41. The stock has a market capitalization of $1.47 billion, a PE ratio of -12.11 and a beta of 1.40.

Institutional Trading of Planet Labs PBC

Several large investors have recently made changes to their positions in the business. Toronto Dominion Bank acquired a new position in Planet Labs PBC during the fourth quarter valued at $64,000. WS Management Lllp acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at about $1,010,000. Squarepoint Ops LLC purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth about $321,000. Sherbrooke Park Advisers LLC acquired a new stake in Planet Labs PBC during the fourth quarter worth about $106,000. Finally, ProShare Advisors LLC raised its position in Planet Labs PBC by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 60,777 shares of the company’s stock valued at $246,000 after acquiring an additional 20,426 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.