Planet Labs PBC (NYSE:PL) Stock Price Down 7.3% - What's Next?

Planet Labs PBC (NYSE:PL - Get Free Report) traded down 7.3% on Monday . The company traded as low as $3.03 and last traded at $3.00. 422,991 shares changed hands during trading, a decline of 88% from the average session volume of 3,496,957 shares. The stock had previously closed at $3.23.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Northland Securities upped their price target on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Craig Hallum raised shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a report on Thursday, January 30th. JMP Securities upped their price target on Planet Labs PBC from $4.50 to $6.50 and gave the company a "market outperform" rating in a research note on Thursday, January 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $5.98.

Planet Labs PBC Trading Up 1.2 %

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -8.27 and a beta of 1.56. The stock's 50 day moving average is $3.81 and its two-hundred day moving average is $3.87.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The business had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. During the same quarter in the previous year, the company posted ($0.06) EPS. On average, research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Planet Labs PBC by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock worth $64,448,000 after purchasing an additional 397,153 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Planet Labs PBC by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company's stock valued at $19,961,000 after acquiring an additional 69,245 shares during the last quarter. State Street Corp boosted its stake in shares of Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company's stock valued at $9,528,000 after purchasing an additional 230,076 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in Planet Labs PBC by 14.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company's stock worth $8,399,000 after buying an additional 261,958 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Planet Labs PBC by 101.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock worth $8,140,000 after purchasing an additional 1,013,234 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.