Planet Labs PBC (NYSE:PL) Trading Down 6% - Here's What Happened

Planet Labs PBC (NYSE:PL - Get Free Report) fell 6% during mid-day trading on Tuesday . The stock traded as low as $6.47 and last traded at $6.61. 2,664,416 shares changed hands during trading, a decline of 61% from the average session volume of 6,894,699 shares. The stock had previously closed at $7.03.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PL. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price objective for the company. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. JMP Securities lifted their price target on Planet Labs PBC from $6.50 to $8.00 and gave the company a "market outperform" rating in a research note on Tuesday. Wedbush increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Finally, Citigroup raised their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $6.86.

Planet Labs PBC Price Performance

The company has a fifty day simple moving average of $5.45 and a two-hundred day simple moving average of $4.64.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $66.27 million for the quarter, compared to analysts' expectations of $62.25 million. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. Equities research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PL. Xponance Inc. lifted its holdings in Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company's stock valued at $60,000 after purchasing an additional 1,608 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Planet Labs PBC by 32.1% during the first quarter. Mackenzie Financial Corp now owns 13,364 shares of the company's stock worth $45,000 after buying an additional 3,245 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of Planet Labs PBC by 19.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company's stock valued at $91,000 after buying an additional 3,753 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Planet Labs PBC by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company's stock valued at $496,000 after buying an additional 5,785 shares during the period. Finally, Sterling Capital Management LLC lifted its stake in shares of Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock valued at $28,000 after buying an additional 6,072 shares during the period. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.