Planet Labs PBC (NYSE:PL) Shares Gap Down - Time to Sell?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.71, but opened at $3.60. Planet Labs PBC shares last traded at $3.65, with a volume of 1,049,307 shares.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PL. Cantor Fitzgerald reissued an "overweight" rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. Needham & Company LLC reiterated a "buy" rating and issued a $8.00 target price on shares of Planet Labs PBC in a research note on Wednesday, May 14th. Northland Securities boosted their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Benchmark raised their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, JMP Securities upped their price objective 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. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Planet Labs PBC has an average rating of "Moderate Buy" and an average price target of $5.98.

Planet Labs PBC Stock Performance

The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -8.96 and a beta of 1.56. The business's 50 day simple moving average is $3.53 and its 200-day simple moving average is $4.03.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The company had revenue of $61.55 million for the quarter, compared to the consensus estimate of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. As a group, sell-side analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its position in Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after buying an additional 6,072 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $37,000. Forum Financial Management LP purchased a new position in Planet Labs PBC in the 1st quarter worth about $39,000. Wellington Shields & Co. LLC acquired a new stake in Planet Labs PBC during the 1st quarter worth about $39,000. Finally, Wedbush Securities Inc. purchased a new stake in Planet Labs PBC during the fourth quarter valued at about $41,000. Institutional investors own 41.71% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.