Planet Labs PBC (NYSE:PL) Shares Gap Down on Disappointing Earnings

Shares of Planet Labs PBC (NYSE:PL) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.24, but opened at $3.61. Planet Labs PBC shares last traded at $3.45, with a volume of 4,311,122 shares.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. During the same period in the prior year, the business earned ($0.06) EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PL shares. Deutsche Bank Aktiengesellschaft lifted their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Citigroup lifted their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Northland Securities lifted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a report on Friday. Finally, Needham & Company LLC lifted their target price on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.27.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Xponance Inc. increased its position in shares of Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock worth $60,000 after purchasing an additional 1,608 shares during the period. Summit Investment Advisors Inc. grew its position in Planet Labs PBC by 19.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock valued at $91,000 after acquiring an additional 3,753 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Planet Labs PBC by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company’s stock valued at $496,000 after acquiring an additional 5,785 shares during the last quarter. Sterling Capital Management LLC grew its holdings 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 worth $28,000 after purchasing an additional 6,072 shares during the last quarter. Finally, Monterey Private Wealth Inc. bought a new stake in shares of Planet Labs PBC during the fourth quarter worth about $40,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

The company has a market capitalization of $1.03 billion, a P/E ratio of -8.49 and a beta of 1.45. The company has a fifty day moving average price of $4.88 and a two-hundred day moving average price of $3.64.

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.