Planet Labs PBC (NYSE:PL) Stock Price Down 4.4% – Here’s What Happened

Planet Labs PBC (NYSE:PL) dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $4.46 and last traded at $4.47. Approximately 3,076,407 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 3,522,225 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PL shares. Cantor Fitzgerald assumed coverage on Planet Labs PBC in a report on Friday. They set an “overweight” rating and a $6.30 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, January 17th. Citigroup lifted 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 note on Monday, December 16th. JMP Securities reissued a “market outperform” rating and set a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Finally, Craig Hallum raised their target price on Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.54.

Planet Labs PBC Trading Up 14.5 %

The company has a market capitalization of $1.61 billion, a P/E ratio of -13.23 and a beta of 1.32. The company’s fifty day moving average is $3.95 and its 200 day moving average is $2.87.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PL. Geode Capital Management LLC increased its holdings in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after buying an additional 689,888 shares during the last quarter. State Street Corp lifted its holdings in shares of Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after acquiring an additional 230,076 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after buying an additional 400,000 shares during the period. Franklin Resources Inc. grew its position in Planet Labs PBC by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock worth $4,105,000 after acquiring an additional 71,719 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Planet Labs PBC by 13.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after purchasing an additional 201,084 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.