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

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

Analysts Set New Price Targets

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

Planet Labs PBC Stock Up 0.5 %

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

Institutional Trading of Planet Labs PBC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PL. Geode Capital Management LLC raised its holdings in Planet Labs PBC by 16.5% in the third 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 in the last quarter. Jacobs Levy Equity Management Inc. lifted its position 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 valued at $1,996,000 after buying an additional 487,958 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its position 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 valued at $4,052,000 after buying an additional 400,000 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Planet Labs PBC during the 2nd quarter valued at about $632,000. Finally, State Street Corp lifted its holdings in Planet Labs PBC by 5.7% in 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 in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.