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

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PL shares. Craig Hallum boosted their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Tuesday. The Goldman Sachs Group decreased their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, JMP Securities restated 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. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.14.

Planet Labs PBC Price Performance

The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -9.52 and a beta of 1.34. The firm’s 50-day moving average price is $2.92 and its 200 day moving average price is $2.41.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PL. Algert Global LLC acquired a new position in shares of Planet Labs PBC during the 2nd quarter valued at about $38,000. Valeo Financial Advisors LLC acquired a new position in Planet Labs PBC during the third quarter worth approximately $45,000. Vontobel Holding Ltd. raised its stake in Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after purchasing an additional 10,000 shares during the period. nVerses Capital LLC acquired a new position in shares of Planet Labs PBC in the 3rd quarter valued at $61,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Planet Labs PBC by 234.6% in the 2nd 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 and hedge funds.

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.