Short Interest in Planet Labs PBC (NYSE:PL) Grows By 21.5%

Planet Labs PBC (NYSE:PL - Get Free Report) saw a large increase in short interest in March. As of March 31st, there was short interest totalling 8,010,000 shares, an increase of 21.5% from the March 15th total of 6,590,000 shares. Approximately 4.0% of the shares of the stock are short sold. Based on an average trading volume of 5,700,000 shares, the short-interest ratio is presently 1.4 days.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JMP Securities raised their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a "market outperform" rating in a research note on Thursday, January 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $6.30 target price on shares of Planet Labs PBC in a report on Friday, March 21st. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Craig Hallum raised shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price objective for the company in a report on Thursday, January 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Planet Labs PBC has an average rating of "Moderate Buy" and a consensus target price of $5.98.

Planet Labs PBC Stock Down 0.1 %

NYSE:PL traded down $0.01 during trading hours on Friday, reaching $3.35. 704,647 shares of the stock were exchanged, compared to its average volume of 5,290,356. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.71. The business has a 50-day moving average of $3.87 and a two-hundred day moving average of $3.86. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -8.16 and a beta of 1.56.

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 analysts' consensus estimates of ($0.02) by ($0.06). The firm had revenue of $61.55 million for the quarter, compared to analysts' expectations 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 last year, the business earned ($0.06) earnings per share. On average, research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently added to or reduced their stakes in PL. JPMorgan Chase & Co. increased its position in shares of Planet Labs PBC by 90.2% during the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock worth $866,000 after acquiring an additional 184,111 shares during the period. Aspiring Ventures LLC acquired a new stake in Planet Labs PBC in the fourth quarter valued at approximately $849,000. Barclays PLC raised its holdings in shares of Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company's stock valued at $728,000 after purchasing an additional 65,181 shares in the last quarter. State Street Corp lifted its position in shares of Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company's stock worth $9,528,000 after purchasing an additional 230,076 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock worth $10,864,000 after purchasing an additional 689,888 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other 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.