Planet Labs PBC (NYSE:PL) Stock Price Down 5.6%

Planet Labs PBC (NYSE:PL) shares traded down 5.6% during mid-day trading on Tuesday . The company traded as low as $2.68 and last traded at $2.68. 4,423,171 shares changed hands during mid-day trading, an increase of 189% from the average session volume of 1,532,630 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Craig Hallum cut their price target on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating for the company in a report on Friday, June 7th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, June 27th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a report on Friday, June 21st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $4.39.

Planet Labs PBC Trading Down 3.7 %

The stock has a market capitalization of $795.26 million, a price-to-earnings ratio of -5.58 and a beta of 0.99. The stock’s 50 day moving average is $2.08 and its 200 day moving average is $2.08.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $60.44 million during the quarter, compared to analyst estimates of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, sell-side analysts anticipate that Planet Labs PBC will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently modified their holdings of PL. Algert Global LLC acquired a new stake in shares of Planet Labs PBC in the second quarter worth approximately $38,000. The Manufacturers Life Insurance Company boosted its position in shares of Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after acquiring an additional 5,395 shares during the last quarter. Squarepoint Ops LLC boosted its position in shares of Planet Labs PBC by 343.7% in the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock worth $320,000 after acquiring an additional 133,307 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Planet Labs PBC in the second quarter worth approximately $201,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Planet Labs PBC by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock worth $121,000 after acquiring an additional 6,910 shares during the last quarter. 41.71% of the stock is 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.