Planet Labs PBC (NYSE:PL – Get Free Report) shares traded down 1.6% during trading on Monday . The stock traded as low as $30.61 and last traded at $30.8680. 10,216,328 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 13,757,982 shares. The stock had previously closed at $31.38.
Analyst Ratings Changes
PL has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Citigroup lifted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Wedbush started coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. Needham & Company LLC raised their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Zacks Research downgraded shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.11.
View Our Latest Research Report on PL
Planet Labs PBC Price Performance
Planet Labs PBC (NYSE:PL – Get Free Report) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts forecast that Planet Labs PBC will post -0.65 earnings per share for the current year.
Institutional Trading of Planet Labs PBC
Several institutional investors and hedge funds have recently modified their holdings of PL. Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after buying an additional 806,818 shares during the last quarter. Divisadero Street Capital Management LP acquired a new stake in Planet Labs PBC in the 3rd quarter valued at about $13,564,000. AMI Asset Management Corp purchased a new stake in shares of Planet Labs PBC in the 4th quarter worth about $673,000. Jefferies Financial Group Inc. purchased a new position in Planet Labs PBC during the third quarter worth about $875,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Planet Labs PBC during the fourth quarter worth about $8,457,000. 41.71% of the stock is currently owned by institutional investors.
Planet Labs PBC Company Profile
Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.
Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.
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