Planet Labs PBC (NYSE:PL) Stock Price Down 7.2% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price fell 7.2% during trading on Wednesday . The stock traded as low as $3.54 and last traded at $3.59. 1,661,079 shares changed hands during trading, a decline of 21% from the average session volume of 2,099,847 shares. The stock had previously closed at $3.87.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and set a $4.50 price objective (up from $4.00) on shares of Planet Labs PBC in a research note on Monday. Craig Hallum lifted their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Tuesday. Finally, The Goldman Sachs Group cut their price objective on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Planet Labs PBC presently has an average rating of “Moderate Buy” and an average target price of $4.14.

Planet Labs PBC Trading Up 2.3 %

The stock has a market cap of $1.17 billion, a PE ratio of -9.52 and a beta of 1.34. The company’s 50 day moving average is $2.92 and its 200-day moving average is $2.41.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in shares of Planet Labs PBC by 8.1% during 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 during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Planet Labs PBC by 14.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after buying an additional 6,215 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in 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 worth $121,000 after buying an additional 6,910 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Planet Labs PBC by 13.0% in the 2nd quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock valued at $193,000 after acquiring an additional 11,951 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other 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.