Planet Labs PBC (NYSE:PL) Trading Down 7.2% – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price fell 7.2% on Wednesday . The company traded as low as $3.54 and last traded at $3.59. 1,661,079 shares were traded during trading, a decline of 21% from the average session volume of 2,099,847 shares. The stock had previously closed at $3.87.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PL. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Tuesday. 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. 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. JMP Securities reissued a “market outperform” rating and issued a $4.50 price target (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $4.14.

Planet Labs PBC Stock Performance

The firm has a 50 day simple moving average of $2.86 and a two-hundred day simple moving average of $2.39. The firm has a market capitalization of $1.14 billion, a P/E ratio of -7.64 and a beta of 1.33.

Institutional Investors Weigh In On Planet Labs PBC

A number of hedge funds have recently made changes to their positions in PL. Algert Global LLC bought a new stake in shares of Planet Labs PBC during the 2nd quarter worth $38,000. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC during the third quarter valued at about $45,000. Vontobel Holding Ltd. lifted its holdings in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock valued at $50,000 after purchasing an additional 10,000 shares during the last quarter. nVerses Capital LLC purchased a new stake in Planet Labs PBC during the third quarter valued at about $61,000. Finally, SG Americas Securities LLC lifted its holdings in Planet Labs PBC by 234.6% during 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 last quarter. 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.