Planet Labs PBC (NYSE:PL) Shares Gap Down to $1.76

Planet Labs PBC (NYSE:PL) shares gapped down before the market opened on Friday . The stock had previously closed at $1.76, but opened at $1.68. Planet Labs PBC shares last traded at $1.75, with a volume of 307,751 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PL. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Planet Labs PBC in a research note on Monday, April 1st. Citigroup lowered their target price on shares of Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a research note on Thursday, April 4th. JMP Securities lowered their target price on shares of Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a research note on Monday, April 1st. Benchmark lowered their target price on shares of Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. Finally, The Goldman Sachs Group lowered their target price on shares of Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating for the company in a research note on Friday, April 12th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $4.68.

Planet Labs PBC Stock Down 0.6 %

The stock’s 50 day moving average is $2.19 and its two-hundred day moving average is $2.28. The company has a market capitalization of $508.59 million, a PE ratio of -3.43 and a beta of 0.79.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 28th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Planet Labs PBC had a negative net margin of 63.67% and a negative return on equity of 26.14%. The company had revenue of $58.85 million during the quarter, compared to analyst estimates of $57.64 million. On average, sell-side analysts predict that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

A number of hedge funds have recently added to or reduced their stakes in the business. 180 Wealth Advisors LLC lifted its position in shares of Planet Labs PBC by 9.5% during the first quarter. 180 Wealth Advisors LLC now owns 130,926 shares of the company’s stock valued at $334,000 after buying an additional 11,365 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 18,276,242 shares of the company’s stock valued at $45,142,000 after buying an additional 502,346 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Planet Labs PBC by 12.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,463 shares of the company’s stock valued at $110,000 after buying an additional 5,078 shares during the last quarter. Barclays PLC lifted its position in shares of Planet Labs PBC by 82.1% during the fourth quarter. Barclays PLC now owns 478,582 shares of the company’s stock valued at $1,182,000 after buying an additional 215,769 shares during the last quarter. Finally, Voya Investment Management LLC lifted its position in shares of Planet Labs PBC by 161.2% during the fourth quarter. Voya Investment Management LLC now owns 2,020,521 shares of the company’s stock valued at $4,991,000 after buying an additional 1,246,940 shares during 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 designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.