Planet Labs PBC (NYSE:PL) Trading Down 4%

Shares of Planet Labs PBC (NYSE:PL) fell 4% on Tuesday . The stock traded as low as $2.64 and last traded at $2.64. 203,838 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 1,556,047 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

Several research firms have recently commented on PL. JMP Securities restated a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a research note on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 21st. Craig Hallum reduced their target price on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Friday, June 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.39.

Planet Labs PBC Price Performance

The company has a market capitalization of $750.19 million, a PE ratio of -5.44 and a beta of 0.99. The stock has a 50-day simple moving average of $2.15 and a 200 day simple moving average of $2.09.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company had revenue of $60.44 million during the quarter, compared to analysts’ expectations of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same quarter in the prior year, the company earned ($0.13) earnings per share. As a group, research analysts predict that Planet Labs PBC will post -0.4 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

A number of institutional investors and hedge funds have recently bought and sold shares of PL. Xponance Inc. purchased a new stake in Planet Labs PBC during the fourth quarter worth approximately $25,000. Perkins Coie Trust Co acquired a new position in shares of Planet Labs PBC during the 2nd quarter valued at $28,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Planet Labs PBC during the 4th quarter valued at $34,000. Algert Global LLC purchased a new stake in Planet Labs PBC during the 2nd quarter worth $38,000. Finally, Virtu Financial LLC acquired a new stake in Planet Labs PBC in the 1st quarter valued at $52,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.