Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) saw unusually-strong trading volume on Tuesday . Approximately 4,426,412 shares traded hands during mid-day trading, an increase of 131% from the previous session’s volume of 1,918,587 shares.The stock last traded at $4.87 and had previously closed at $4.51.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PL. Craig Hallum lifted their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a report on Friday, September 6th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. The Goldman Sachs Group cut their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. Finally, Needham & Company LLC reduced their price target on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Price Performance

The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -10.36 and a beta of 1.33. The stock has a 50-day moving average price of $2.58 and a 200-day moving average price of $2.28.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Equities analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Planet Labs PBC by 1.4% in the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after acquiring an additional 261,019 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares during the period. State Street Corp increased its holdings in shares of Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after buying an additional 400,000 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Planet Labs PBC by 4.1% in the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after buying an additional 71,719 shares in the last quarter. 41.71% of the stock is currently 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.