Planet Labs PBC (NYSE:PL) Short Interest Update

Planet Labs PBC (NYSE:PL) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 6,370,000 shares, a decline of 16.1% from the September 30th total of 7,590,000 shares. Currently, 3.3% of the company’s shares are short sold. Based on an average daily trading volume, of 2,400,000 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Needham & Company LLC decreased their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, September 6th. The Goldman Sachs Group reduced their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Craig Hallum raised their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a research report on Thursday, September 26th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. 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.com, Planet Labs PBC presently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Stock Down 1.3 %

Shares of NYSE PL traded down $0.03 during trading on Wednesday, reaching $2.35. The company had a trading volume of 1,353,885 shares, compared to its average volume of 1,720,302. The business’s 50-day moving average is $2.28 and its 200 day moving average is $2.10. The stock has a market cap of $689.67 million, a PE ratio of -5.00 and a beta of 0.98. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $2.89.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. On average, analysts anticipate that Planet Labs PBC will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings 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 buying an additional 261,019 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC in the first quarter worth approximately $164,000. PEAK6 Investments LLC raised its holdings in shares of Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock valued at $765,000 after purchasing an additional 207,558 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Planet Labs PBC during the second quarter valued at approximately $632,000. Finally, The Manufacturers Life Insurance Company lifted its position in Planet Labs PBC by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after purchasing an additional 5,395 shares during the period. 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.