Planet Labs PBC (NYSE:PL) Trading Down 4.4% – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $4.46 and last traded at $4.47. Approximately 3,076,407 shares were traded during trading, a decline of 13% from the average daily volume of 3,522,225 shares. The stock had previously closed at $4.67.

Analysts Set New Price Targets

PL has been the topic of several research analyst reports. JMP Securities reissued a “market outperform” rating and set a $4.50 target price (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft upped their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC restated a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, January 17th. Cantor Fitzgerald started coverage on Planet Labs PBC in a research note on Friday. They issued an “overweight” rating and a $6.30 price target on the stock. Finally, Craig Hallum increased their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Moderate Buy” and a consensus price target of $4.54.

Planet Labs PBC Trading Up 14.5 %

The firm has a market capitalization of $1.61 billion, a P/E ratio of -13.23 and a beta of 1.32. The business’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $2.87.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its stake in shares of Planet Labs PBC by 12.0% in the second quarter. Rhumbline Advisers now owns 268,380 shares of the company’s stock worth $499,000 after acquiring an additional 28,835 shares during the period. American Century Companies Inc. raised its stake in Planet Labs PBC by 15.7% during the 2nd quarter. American Century Companies Inc. now owns 316,535 shares of the company’s stock valued at $589,000 after buying an additional 42,847 shares during the last quarter. Renaissance Technologies LLC raised its stake in Planet Labs PBC by 52.2% during the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock valued at $1,117,000 after buying an additional 206,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after buying an additional 6,910 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Planet Labs PBC in the 2nd quarter worth $201,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.