Planet Labs PBC (NYSE:PL) Stock Price Down 4%

Planet Labs PBC (NYSE:PL)’s stock price fell 4% during trading on Tuesday . The company traded as low as $2.64 and last traded at $2.64. 203,838 shares traded hands 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 equities analysts recently issued reports on PL shares. JMP Securities restated a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a report on Thursday, June 27th. Craig Hallum cut their price objective on Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Friday, June 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 21st. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4.39.

Planet Labs PBC Stock Performance

The company has a 50 day moving average of $2.18 and a 200 day moving average of $2.10. The firm has a market cap of $731.29 million, a P/E ratio of -5.24 and a beta of 0.99.

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

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently made changes to their positions in the business. Algert Global LLC bought a new position in shares of Planet Labs PBC during the 2nd quarter worth about $38,000. The Manufacturers Life Insurance Company raised its position in Planet Labs PBC by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after purchasing an additional 5,395 shares in the last quarter. Squarepoint Ops LLC lifted its stake in Planet Labs PBC by 343.7% during the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock worth $320,000 after purchasing an additional 133,307 shares during the period. XTX Topco Ltd acquired a new stake in Planet Labs PBC during the second quarter valued at approximately $201,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Planet Labs PBC by 11.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after purchasing an additional 6,910 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.