Planet Labs PBC (NYSE:PL – Get Rating) shares gapped down before the market opened on Friday after Northland Securities lowered their price target on the stock from $12.00 to $7.00. The stock had previously closed at $4.90, but opened at $3.95. Planet Labs PBC shares last traded at $3.72, with a volume of 5,355,355 shares changing hands.
A number of other research firms have also recently commented on PL. The Goldman Sachs Group lowered their price target on shares of Planet Labs PBC from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, April 3rd. JMP Securities started coverage on shares of Planet Labs PBC in a research note on Tuesday, May 2nd. They issued an “outperform” rating and a $5.50 price objective for the company. Benchmark reduced their price objective on shares of Planet Labs PBC from $8.00 to $6.50 in a research note on Friday. Westpark Capital reduced their price objective on shares of Planet Labs PBC from $7.00 to $6.00 in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Planet Labs PBC from $7.00 to $6.00 in a research note on Friday, March 31st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.
Insiders Place Their Bets
In other news, insider Kevin Weil purchased 274,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were purchased at an average cost of $3.64 per share, for a total transaction of $997,360.00. Following the purchase, the insider now directly owns 439,580 shares in the company, valued at approximately $1,600,071.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 3,500 shares of company stock valued at $15,040. Corporate insiders own 11.49% of the company’s stock.
Hedge Funds Weigh In On Planet Labs PBC
Several institutional investors and hedge funds have recently bought and sold shares of PL. Itau Unibanco Holding S.A. purchased a new position in shares of Planet Labs PBC in the third quarter valued at about $30,000. Arcadia Investment Management Corp MI increased its holdings in shares of Planet Labs PBC by 130.8% in the first quarter. Arcadia Investment Management Corp MI now owns 8,590 shares of the company’s stock worth $34,000 after purchasing an additional 4,868 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Planet Labs PBC in the first quarter worth about $45,000. Commerce Bank bought a new stake in shares of Planet Labs PBC in the first quarter worth about $39,000. Finally, Pictet Asset Management SA bought a new stake in shares of Planet Labs PBC in the third quarter worth about $55,000. 43.05% of the stock is currently owned by hedge funds and other institutional investors.
Planet Labs PBC Stock Down 25.7 %
The company has a fifty day moving average price of $4.19 and a 200-day moving average price of $4.50. The stock has a market capitalization of $1.00 billion, a P/E ratio of -6.38 and a beta of 0.69.
Planet Labs PBC (NYSE:PL – Get Rating) last released its earnings results on Wednesday, March 29th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $52.98 million for the quarter, compared to analysts’ expectations of $52.56 million. Planet Labs PBC had a negative return on equity of 26.83% and a negative net margin of 84.68%. The company’s quarterly revenue was up 42.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. As a group, research analysts expect that Planet Labs PBC will post -0.54 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 Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.