Planet Labs PBC (NYSE:PL) Sees Strong Trading Volume

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) saw unusually-high trading volume on Monday . Approximately 660,336 shares were traded during mid-day trading, a decline of 45% from the previous session's volume of 1,207,418 shares.The stock last traded at $2.38 and had previously closed at $2.55.

Analyst Ratings Changes

A number of research analysts have issued reports on PL shares. Craig Hallum downgraded Planet Labs PBC from a "buy" rating to a "hold" rating and set a $3.00 price objective for the company. in a research note on Friday, December 8th. JMP Securities decreased their price objective on shares of Planet Labs PBC from $5.50 to $4.00 and set a "market outperform" rating for the company in a report on Monday. Finally, Needham & Company LLC restated a "buy" rating and set a $7.00 price target on shares of Planet Labs PBC in a research note on Monday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $5.59.

Planet Labs PBC Trading Down 11.8 %

The company has a market capitalization of $647.17 million, a P/E ratio of -4.41 and a beta of 0.78. The company's fifty day moving average is $2.28 and its 200 day moving average is $2.34.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently added to or reduced their stakes in PL. Commonwealth Equity Services LLC raised its position in shares of Planet Labs PBC by 21.4% in the first quarter. Commonwealth Equity Services LLC now owns 14,668 shares of the company's stock worth $57,000 after buying an additional 2,583 shares in the last quarter. ProShare Advisors LLC increased its stake in Planet Labs PBC by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 22,897 shares of the company's stock worth $90,000 after acquiring an additional 2,889 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Planet Labs PBC by 4.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 64,889 shares of the company's stock valued at $282,000 after acquiring an additional 2,994 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Planet Labs PBC by 18.8% during the 1st quarter. Principal Financial Group Inc. now owns 21,316 shares of the company's stock valued at $84,000 after acquiring an additional 3,374 shares during the last quarter. Finally, Virtu Financial LLC grew its holdings in shares of Planet Labs PBC by 8.7% during the fourth quarter. Virtu Financial LLC now owns 55,173 shares of the company's stock worth $240,000 after purchasing an additional 4,400 shares in the last quarter. Hedge funds and other institutional investors 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.