Planet Labs PBC (NYSE:PL) Shares Gap Down After Analyst Downgrade

Planet Labs PBC (NYSE:PL)’s stock price gapped down prior to trading on Friday after Needham & Company LLC lowered their price target on the stock from $7.00 to $5.00. The stock had previously closed at $2.48, but opened at $2.23. Needham & Company LLC currently has a buy rating on the stock. Planet Labs PBC shares last traded at $1.96, with a volume of 2,096,587 shares traded.

Several other brokerages also recently commented on PL. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a research note on Thursday, June 27th. Finally, Craig Hallum cut their target price on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Friday, June 7th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.20.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Planet Labs PBC by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Planet Labs PBC during the first quarter valued at $164,000. PEAK6 Investments LLC boosted its holdings in Planet Labs PBC by 224.2% in the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock valued at $765,000 after acquiring an additional 207,558 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Planet Labs PBC during the 2nd quarter worth about $632,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Planet Labs PBC during the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

The firm’s 50-day moving average price is $2.26 and its 200 day moving average price is $2.11. The company has a market cap of $558.28 million, a price-to-earnings ratio of -4.25 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. The firm had revenue of $60.44 million during the quarter, compared to analyst estimates of $59.80 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. As a group, equities research analysts predict that Planet Labs PBC will post -0.4 EPS for the current fiscal year.

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.