Planet Labs PBC (NYSE:PL) Shares Gap Down to $1.76

Planet Labs PBC (NYSE:PL - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $1.76, but opened at $1.68. Planet Labs PBC shares last traded at $1.75, with a volume of 307,751 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PL shares. The Goldman Sachs Group cut their target price on shares of Planet Labs PBC from $4.80 to $4.20 and set a "buy" rating on the stock in a research note on Friday, April 12th. Citigroup dropped their price objective on shares of Planet Labs PBC from $4.50 to $3.90 and set a "buy" rating on the stock in a research report on Thursday, April 4th. JMP Securities dropped their price objective on shares of Planet Labs PBC from $5.50 to $4.00 and set a "market outperform" rating on the stock in a research report on Monday, April 1st. Needham & Company LLC reissued a "buy" rating and issued a $7.00 price objective on shares of Planet Labs PBC in a research report on Monday, April 1st. Finally, Benchmark dropped their price objective on shares of Planet Labs PBC from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.68.

Planet Labs PBC Trading Down 0.9 %

The firm's fifty day moving average price is $2.19 and its 200-day moving average price is $2.28. The firm has a market cap of $507.13 million, a price-to-earnings ratio of -3.42 and a beta of 0.79.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Xponance Inc. acquired a new stake in Planet Labs PBC during the 4th quarter worth $25,000. Navalign LLC acquired a new stake in Planet Labs PBC during the 4th quarter worth $28,000. Bleakley Financial Group LLC acquired a new stake in Planet Labs PBC during the 4th quarter worth $28,000. Simplicity Solutions LLC acquired a new stake in Planet Labs PBC during the 4th quarter worth $28,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Planet Labs PBC during the 4th quarter worth $34,000. Institutional investors and hedge funds own 41.71% of the company's stock.

About Planet Labs PBC

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.