Planet Labs PBC (NYSE:PL) Stock Price Down 4.8%

Planet Labs PBC (NYSE:PL)’s share price was down 4.8% during trading on Tuesday . The stock traded as low as $1.97 and last traded at $1.97. Approximately 416,156 shares changed hands during trading, a decline of 67% from the average daily volume of 1,272,424 shares. The stock had previously closed at $2.07.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Benchmark lowered their price objective on shares of Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. The Goldman Sachs Group cut their target price on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research report on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a research report on Monday. JMP Securities cut their price objective on shares of Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating on the stock in a report on Monday, April 1st. Finally, Citigroup reduced their target price on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a research note on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.39.

Planet Labs PBC Stock Down 3.9 %

The company has a 50-day moving average price of $1.91 and a two-hundred day moving average price of $2.18. The company has a market capitalization of $578.33 million, a PE ratio of -4.21 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $60.44 million during the quarter, compared to analysts’ expectations of $59.80 million. Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. During the same period in the previous year, the company posted ($0.13) earnings per share. As a group, equities analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently bought and sold shares of PL. Xponance Inc. bought a new stake in shares of Planet Labs PBC in the 4th quarter worth approximately $25,000. Navalign LLC purchased a new position in shares of Planet Labs PBC in the fourth quarter worth about $28,000. Bleakley Financial Group LLC bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at about $28,000. Simplicity Solutions LLC bought a new stake in Planet Labs PBC in the fourth quarter valued at approximately $28,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Planet Labs PBC during the fourth quarter valued at approximately $34,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Company Profile

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.