Planet Labs PBC (NYSE:PL) Shares Gap Down – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $3.46, but opened at $3.25. Planet Labs PBC shares last traded at $3.33, with a volume of 746,529 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently commented on PL. Citigroup upped their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Benchmark increased their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Thursday, January 30th. Finally, Northland Securities upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Performance

The stock has a fifty day simple moving average of $4.85 and a 200-day simple moving average of $3.75. The stock has a market cap of $1.01 billion, a P/E ratio of -8.30 and a beta of 1.45.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The firm had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same period in the prior year, the company earned ($0.06) earnings per share. On average, research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently made changes to their positions in PL. Sterling Capital Management LLC raised its holdings in Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after acquiring an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC during the 4th quarter worth approximately $40,000. Wedbush Securities Inc. bought a new stake in shares of Planet Labs PBC during the 4th quarter worth approximately $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $42,000. Finally, Sciencast Management LP bought a new position in shares of Planet Labs PBC in the fourth quarter valued at $43,000. Institutional investors own 41.71% of the company’s stock.

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.