Planet Labs PBC (NYSE:PL) Trading Down 8.8% – Time to Sell?

Planet Labs PBC (NYSE:PL) shares were down 8.8% during mid-day trading on Tuesday . The stock traded as low as $3.86 and last traded at $3.88. Approximately 1,819,184 shares traded hands during trading, a decline of 41% from the average daily volume of 3,061,211 shares. The stock had previously closed at $4.25.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PL shares. Citigroup boosted their target price on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Benchmark upped their price target on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft upped their price target on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. The Goldman Sachs Group upped their price target on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Northland Securities upped their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, Planet Labs PBC has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Price Performance

The stock has a market capitalization of $1.22 billion, a PE ratio of -9.99 and a beta of 1.40. The business has a 50 day moving average price of $4.90 and a 200 day moving average price of $3.53.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC lifted its holdings in shares of Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. bought a new position in Planet Labs PBC in the fourth quarter valued at about $40,000. Wedbush Securities Inc. bought a new position in Planet Labs PBC in the fourth quarter valued at about $41,000. SBI Securities Co. Ltd. bought a new position in Planet Labs PBC in the fourth quarter valued at about $42,000. Finally, Sciencast Management LP bought a new position in Planet Labs PBC in the fourth quarter valued at about $43,000. 41.71% of the stock is owned by institutional investors.

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.