Planet Labs PBC (NYSE:PL) Shares Gap Down – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.46, but opened at $3.25. Planet Labs PBC shares last traded at $3.33, with a volume of 746,529 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Benchmark lifted their target price on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday, March 21st. Northland Securities upped their price objective 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. JMP Securities raised 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 note on Thursday, January 30th. Finally, The Goldman Sachs Group lifted their target price on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Price Performance

The business’s 50-day moving average is $4.85 and its 200 day moving average is $3.75. The firm has a market capitalization of $1.01 billion, a P/E ratio of -8.30 and a beta of 1.45.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business had revenue of $61.55 million for the quarter, compared to the consensus estimate of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same period in the prior year, the business posted ($0.06) earnings per share. Analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently modified their holdings of PL. Dimensional Fund Advisors LP increased its position in shares of Planet Labs PBC by 101.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock worth $8,140,000 after purchasing an additional 1,013,234 shares during the period. JPMorgan Chase & Co. increased its holdings in Planet Labs PBC by 227.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after buying an additional 880,966 shares during the period. Geode Capital Management LLC raised 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 valued at $10,864,000 after buying an additional 689,888 shares in the last quarter. Baird Financial Group Inc. acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at approximately $2,568,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after acquiring an additional 487,958 shares during the period. 41.71% of the stock is currently owned by 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.