Planet Labs PBC (NYSE:PL) Stock Price Down 7.4% – Here’s What Happened

Planet Labs PBC (NYSE:PL) fell 7.4% during mid-day trading on Wednesday . The company traded as low as $5.76 and last traded at $5.73. 3,724,491 shares were traded during trading, a decline of 42% from the average session volume of 6,468,566 shares. The stock had previously closed at $6.19.

Analysts Set New Price Targets

A number of brokerages have weighed in on PL. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. Benchmark lifted their price target on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Trading Down 8.1 %

The stock’s 50 day moving average price is $4.76 and its 200 day moving average price is $3.36. The firm has a market cap of $1.69 billion, a PE ratio of -13.87 and a beta of 1.40.

Hedge Funds Weigh In On Planet Labs PBC

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in Planet Labs PBC by 101.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock worth $8,140,000 after buying an additional 1,013,234 shares during the period. JPMorgan Chase & Co. increased its position in shares of Planet Labs PBC by 227.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock worth $5,127,000 after purchasing an additional 880,966 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares during the last quarter. Baird Financial Group Inc. bought a new stake in shares of Planet Labs PBC in the 4th quarter worth about $2,568,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Planet Labs PBC by 119.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after purchasing an additional 487,958 shares during the last quarter. Hedge funds and other institutional investors 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.