Planet Labs PBC (NYSE:PL) Shares Down 6% - Should You Sell?

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price traded down 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 were traded during trading, a decline of 61% from the average session volume of 6,894,699 shares. The stock had previously closed at $7.03.

Analysts Set New Price Targets

PL has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They issued a "neutral" rating and a $4.60 target price on the stock. Wall Street Zen raised shares of 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 shares of Planet Labs PBC from $6.50 to $8.00 and gave the company a "market outperform" rating in a report on Tuesday. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $6.86.

Planet Labs PBC Stock Performance

The company's 50-day moving average is $5.39 and its 200-day moving average is $4.62. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -19.01 and a beta of 1.80.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The company had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. On average, analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Trading of Planet Labs PBC

Several hedge funds have recently bought and sold shares of PL. KLP Kapitalforvaltning AS grew its stake in shares of Planet Labs PBC by 49.4% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 52,000 shares of the company's stock worth $317,000 after acquiring an additional 17,200 shares in the last quarter. LBP AM SA lifted its holdings in shares of Planet Labs PBC by 17.0% during the second quarter. LBP AM SA now owns 934,158 shares of the company's stock worth $5,698,000 after buying an additional 135,680 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Planet Labs PBC in the second quarter valued at about $186,000. Goldman Sachs Group Inc. boosted its holdings in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after acquiring an additional 653,173 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Planet Labs PBC by 2.3% in the first quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock valued at $994,000 after buying an additional 6,692 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.