Planet Labs PBC (NYSE:PL) Trading Down 6.2% – What’s Next?

Planet Labs PBC (NYSE:PL) was down 6.2% during trading on Friday . The company traded as low as $3.07 and last traded at $3.15. Approximately 791,567 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 3,456,487 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of analyst reports. 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 report on Tuesday, December 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research report on Monday, March 24th. The Goldman Sachs Group reissued a “neutral” rating and set a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research report on Friday. Benchmark boosted their target price 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. Finally, Citigroup increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.98.

Planet Labs PBC Stock Down 5.8 %

The firm has a market capitalization of $956.62 million, a PE ratio of -7.72 and a beta of 1.56. The stock has a 50-day simple moving average of $4.41 and a 200-day simple moving average of $3.81.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after buying an additional 1,013,234 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Planet Labs PBC by 227.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after acquiring an additional 880,966 shares in the last quarter. Geode Capital Management LLC increased its holdings in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after acquiring an additional 689,888 shares during the period. Baird Financial Group Inc. bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $2,568,000. Finally, Raymond James Financial Inc. purchased a new stake in Planet Labs PBC in the 4th quarter worth approximately $1,648,000. 41.71% of the stock is owned by 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.