Planet Labs PBC (NYSE:PL) Shares Down 4%

Shares of Planet Labs PBC (NYSE:PL) fell 4% on Tuesday . The stock traded as low as $2.64 and last traded at $2.64. 203,838 shares were traded during trading, a decline of 87% from the average session volume of 1,556,047 shares. The stock had previously closed at $2.75.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JMP Securities restated a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a report on Thursday, June 27th. Craig Hallum reduced their price objective on Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Friday, June 7th. Wedbush restated an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 target price on shares of Planet Labs PBC in a report on Friday, June 21st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.

Planet Labs PBC Price Performance

The business has a fifty day moving average price of $2.15 and a two-hundred day moving average price of $2.09. The firm has a market cap of $750.19 million, a PE ratio of -5.44 and a beta of 0.99.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $60.44 million for the quarter, compared to analyst estimates of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the stock. Xponance Inc. bought a new position in shares of Planet Labs PBC in the fourth quarter valued at about $25,000. Perkins Coie Trust Co acquired a new stake in Planet Labs PBC in the 2nd quarter valued at about $28,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Planet Labs PBC during the fourth quarter worth approximately $34,000. Algert Global LLC acquired a new position in shares of Planet Labs PBC during the second quarter worth approximately $38,000. Finally, Virtu Financial LLC bought a new stake in shares of Planet Labs PBC during the first quarter valued at approximately $52,000. 41.71% of the stock is currently owned by 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.