Planet Labs PBC (NYSE:PL – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Friday after Needham & Company LLC lowered their price target on the stock from $8.00 to $7.00. The stock traded as low as $2.56 and last traded at $2.60, with a volume of 1527658 shares traded. The stock had previously closed at $3.08.
Several other analysts also recently issued reports on PL. Northland Securities decreased their target price on Planet Labs PBC from $7.00 to $5.00 in a research note on Friday. Westpark Capital reduced their price objective on Planet Labs PBC from $7.00 to $6.00 in a research note on Friday, June 9th. Benchmark reduced their price objective on Planet Labs PBC from $6.50 to $5.00 in a research note on Friday. Citigroup reduced their price objective on Planet Labs PBC from $6.00 to $4.90 in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Planet Labs PBC from $6.00 to $5.00 in a research note on Monday, June 12th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.04.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. Close Asset Management Ltd purchased a new stake in shares of Planet Labs PBC in the second quarter worth about $26,000. Arcadia Investment Management Corp MI raised its holdings in shares of Planet Labs PBC by 130.8% during the first quarter. Arcadia Investment Management Corp MI now owns 8,590 shares of the company’s stock valued at $34,000 after acquiring an additional 4,868 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Planet Labs PBC during the first quarter valued at approximately $45,000. Commerce Bank acquired a new position in shares of Planet Labs PBC during the first quarter valued at approximately $39,000. Finally, JT Stratford LLC acquired a new position in shares of Planet Labs PBC during the first quarter valued at approximately $43,000. 42.36% of the stock is owned by institutional investors and hedge funds.
Planet Labs PBC Price Performance
The business has a fifty day simple moving average of $3.34 and a 200 day simple moving average of $3.79. The firm has a market cap of $731.48 million, a price-to-earnings ratio of -5.00 and a beta of 0.51.
Planet Labs PBC (NYSE:PL – Get Free Report) last posted its earnings results on Thursday, June 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. The company had revenue of $52.70 million during the quarter, compared to analysts’ expectations of $52.98 million. Planet Labs PBC had a negative return on equity of 25.95% and a negative net margin of 74.60%. On average, research analysts anticipate that Planet Labs PBC will post -0.53 earnings per share for the current fiscal year.
About Planet Labs PBC
Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.