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

Planet Labs PBC (NYSE:PL) gapped down prior to trading on Monday . The stock had previously closed at $3.46, but opened at $3.25. Planet Labs PBC shares last traded at $3.33, with a volume of 746,529 shares changing hands.

Wall Street Analysts Forecast Growth

PL has been the subject of several research reports. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. Northland Securities raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft boosted their price target 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. Citigroup raised their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC currently has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Trading Down 2.5 %

The firm’s fifty day moving average is $4.89 and its 200-day moving average is $3.73. The stock has a market capitalization of $1.00 billion, a PE ratio of -8.26 and a beta of 1.45.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same period last year, the firm posted ($0.06) earnings per share. As a group, equities analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

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