Shares of Planet Labs PBC (NYSE:PL – Get Free Report) were down 3.2% on Wednesday . The stock traded as low as $26.84 and last traded at $27.73. 9,121,100 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 13,663,728 shares. The stock had previously closed at $28.66.
Analyst Ratings Changes
PL has been the subject of several research analyst reports. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target on the stock. New Street Research started coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target for the company. Morgan Stanley raised their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Finally, Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.11.
Read Our Latest Analysis on Planet Labs PBC
Planet Labs PBC Stock Down 3.2%
Planet Labs PBC (NYSE:PL – Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. The firm’s revenue was up 42.1% on a year-over-year basis. Analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.
Institutional Investors Weigh In On Planet Labs PBC
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after acquiring an additional 806,818 shares during the period. Divisadero Street Capital Management LP bought a new position in shares of Planet Labs PBC in the third quarter worth $13,564,000. AMI Asset Management Corp purchased a new position in shares of Planet Labs PBC in the fourth quarter valued at $673,000. Jefferies Financial Group Inc. purchased a new position in shares of Planet Labs PBC in the third quarter valued at $875,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Planet Labs PBC during the 4th quarter valued at $8,457,000. 41.71% of the stock is owned by hedge funds and other institutional investors.
About Planet Labs PBC
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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