Planet Labs PBC (NYSE:PL) Stock Price Down 7.4% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s share price was down 7.4% during mid-day trading on Wednesday . The company traded as low as $5.76 and last traded at $5.73. Approximately 3,724,491 shares changed hands during trading, a decline of 42% from the average daily volume of 6,468,566 shares. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PL shares. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Thursday, January 30th. Citigroup upped their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Northland Securities upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. The Goldman Sachs Group upped their target price on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Down 8.1 %

The company has a market cap of $1.69 billion, a PE ratio of -13.87 and a beta of 1.40. The firm’s fifty day simple moving average is $4.76 and its 200-day simple moving average is $3.36.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently modified their holdings of PL. Toronto Dominion Bank acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $64,000. WS Management Lllp acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $1,010,000. Squarepoint Ops LLC acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $321,000. Sherbrooke Park Advisers LLC acquired a new stake in Planet Labs PBC during the fourth quarter worth approximately $106,000. Finally, ProShare Advisors LLC boosted its position in Planet Labs PBC by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 60,777 shares of the company’s stock worth $246,000 after acquiring an additional 20,426 shares during 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.