Planet Labs PBC (NYSE:PL) Shares Gap Down – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) gapped down before the market opened on Tuesday . The stock had previously closed at $4.04, but opened at $3.64. Planet Labs PBC shares last traded at $3.72, with a volume of 1,858,534 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PL. The Goldman Sachs Group reduced their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. Craig Hallum raised their price objective on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research report on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.14.

Planet Labs PBC Stock Performance

The business has a fifty day moving average of $2.82 and a 200-day moving average of $2.37. The company has a market capitalization of $1.12 billion, a P/E ratio of -8.11 and a beta of 1.33.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 689,888 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after purchasing an additional 487,958 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of 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 worth $4,052,000 after purchasing an additional 400,000 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Planet Labs PBC during the 2nd quarter worth $632,000. Finally, State Street Corp raised its stake in shares of Planet Labs PBC by 5.7% during the 3rd 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. 41.71% of the stock is currently owned by 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.