Planet Labs PBC (NYSE:PL) Trading Down 8.8% – Time to Sell?

Planet Labs PBC (NYSE:PL) shares dropped 8.8% during mid-day trading on Tuesday . The company traded as low as $3.86 and last traded at $3.88. Approximately 1,819,184 shares were traded during trading, a decline of 41% from the average daily volume of 3,061,211 shares. The stock had previously closed at $4.25.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of research analyst reports. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. Cantor Fitzgerald started coverage on Planet Labs PBC in a research report on Friday, January 24th. They set an “overweight” rating and a $6.30 price target for the company. Benchmark boosted their target price on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft boosted their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Finally, JMP Securities boosted their target price on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Planet Labs PBC currently has an average rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Down 3.6 %

The company has a 50-day simple moving average of $4.90 and a two-hundred day simple moving average of $3.53. The stock has a market cap of $1.22 billion, a P/E ratio of -9.99 and a beta of 1.40.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Xponance Inc. lifted its position in Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after purchasing an additional 1,608 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Planet Labs PBC by 19.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock valued at $91,000 after buying an additional 3,753 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Planet Labs PBC by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company’s stock valued at $496,000 after buying an additional 5,785 shares during the period. Sterling Capital Management LLC increased its stake in shares of Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after buying an additional 6,072 shares during the period. Finally, Monterey Private Wealth Inc. purchased a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $40,000. 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.