Shares of Planet Labs PBC (NYSE:PL – Get Free Report) traded down 4% during trading on Tuesday . The stock traded as low as $2.64 and last traded at $2.64. 203,838 shares changed hands during trading, a decline of 87% from the average session volume of 1,556,047 shares. The stock had previously closed at $2.75.
Wall Street Analyst Weigh In
A number of research analysts recently commented on PL shares. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a report on Friday, June 21st. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. Craig Hallum reduced their price target on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Friday, June 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.
Planet Labs PBC Stock Performance
The company has a fifty day simple moving average of $2.15 and a two-hundred day simple moving average of $2.09. The firm has a market capitalization of $750.19 million, a PE ratio of -5.38 and a beta of 0.99.
Planet Labs PBC (NYSE:PL – Get Free Report) last announced its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $60.44 million during the quarter, compared to analysts’ expectations of $59.80 million. Planet Labs PBC had a negative return on equity of 25.89% and a negative net margin of 59.26%. During the same period in the previous year, the company posted ($0.13) EPS. On average, equities analysts anticipate that Planet Labs PBC will post -0.4 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Planet Labs PBC
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised 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 worth $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Teramo Advisors LLC boosted its holdings in shares of Planet Labs PBC by 3.0% in the 2nd quarter. Teramo Advisors LLC now owns 1,132,700 shares of the company’s stock valued at $2,107,000 after acquiring an additional 32,700 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Planet Labs PBC by 9.7% in the second quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company’s stock worth $1,184,000 after acquiring an additional 56,124 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Planet Labs PBC by 52.2% during the second quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock worth $1,117,000 after purchasing an additional 206,000 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Planet Labs PBC by 2.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock valued at $1,495,000 after purchasing an additional 13,075 shares during the period. 41.71% of the stock is currently owned by hedge funds and other 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.