Planet Labs PBC (NYSE:PL) Shares Gap Down on Disappointing Earnings

Shares of Planet Labs PBC (NYSE:PL) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $4.24, but opened at $3.61. Planet Labs PBC shares last traded at $3.45, with a volume of 4,311,122 shares traded.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. During the same period in the previous year, the business posted ($0.06) earnings per share.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Thursday, January 30th. Benchmark upped their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Northland Securities lifted 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. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.30 price objective on shares of Planet Labs PBC in a research note on Friday. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.27.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently made changes to their positions in the business. ArrowMark Colorado Holdings LLC raised its stake in Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares during the period. JPMorgan Chase & Co. grew its holdings in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after buying an additional 184,111 shares in the last quarter. Aspiring Ventures LLC purchased a new stake in Planet Labs PBC during the 4th quarter valued at approximately $849,000. Barclays PLC raised its position in shares of Planet Labs PBC by 25.0% during the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after buying an additional 65,181 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

The stock has a market cap of $1.12 billion, a P/E ratio of -9.21 and a beta of 1.45. The stock’s 50-day moving average is $4.88 and its two-hundred day moving average is $3.66.

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.