Planet Labs PBC (NYSE:PL) Trading Down 10.9% – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price was down 10.9% on Monday . The company traded as low as $3.56 and last traded at $3.55. Approximately 2,262,959 shares traded hands during trading, a decline of 28% from the average daily volume of 3,123,364 shares. The stock had previously closed at $3.98.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PL. The Goldman Sachs Group upped their price target on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. JMP Securities lifted their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Thursday, January 30th. Finally, Benchmark increased their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Performance

The stock has a market cap of $1.08 billion, a P/E ratio of -8.87 and a beta of 1.45. The firm has a 50 day moving average of $4.89 and a two-hundred day moving average of $3.57.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after acquiring an additional 400,000 shares during the period. JPMorgan Chase & Co. lifted its stake in Planet Labs PBC by 90.2% during the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after purchasing an additional 184,111 shares during the period. Aspiring Ventures LLC bought a new position in shares of Planet Labs PBC during the 4th quarter worth approximately $849,000. Barclays PLC lifted its position in shares of Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after buying an additional 65,181 shares during the period. Finally, State Street Corp boosted its stake in Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after buying an additional 230,076 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Company Profile

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.