Planet Labs PBC (NYSE:PL) Shares Down 9.6% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares dropped 9.6% during mid-day trading on Thursday . The stock traded as low as $3.76 and last traded at $3.77. Approximately 2,720,537 shares traded hands during mid-day trading, an increase of 36% from the average daily volume of 2,003,003 shares. The stock had previously closed at $4.17.

Analyst Ratings Changes

PL has been the topic of several recent research reports. The Goldman Sachs Group lowered their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a report on Thursday, September 26th. Craig Hallum raised their target price on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a report on Friday, September 6th. Finally, Needham & Company LLC decreased their target price on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, September 6th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Price Performance

The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -8.83 and a beta of 1.34. The firm’s fifty day moving average is $2.75 and its 200 day moving average is $2.34.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $61.09 million for the quarter, compared to analyst estimates 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 research analysts forecast that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in Planet Labs PBC by 14.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after acquiring an additional 6,215 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Planet Labs PBC by 234.6% in the second quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after purchasing an additional 31,160 shares during the period. Perkins Coie Trust Co bought a new position in shares of Planet Labs PBC in the second quarter valued at approximately $28,000. 180 Wealth Advisors LLC raised its position in shares of Planet Labs PBC by 15.6% in the second quarter. 180 Wealth Advisors LLC now owns 151,412 shares of the company’s stock valued at $297,000 after purchasing an additional 20,486 shares during the period. Finally, ARS Investment Partners LLC bought a new position in shares of Planet Labs PBC in the second quarter valued at approximately $164,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.