Planet Labs PBC (NYSE:PL) Shares Gap Down – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price gapped down prior to trading on Monday . The stock had previously closed at $3.17, but opened at $2.81. Planet Labs PBC shares last traded at $2.88, with a volume of 862,063 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research note on Monday, March 24th. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft upped 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. JMP Securities increased their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a report 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 company a “buy” rating in a research note on Monday, February 3rd. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, Planet Labs PBC presently has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Up 2.7 %

The firm has a market capitalization of $983.83 million, a P/E ratio of -7.94 and a beta of 1.56. The business has a 50-day moving average price of $4.76 and a 200-day moving average price of $3.77.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The business had revenue of $61.55 million during the quarter, compared to the consensus estimate of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same period in the previous year, the firm earned ($0.06) EPS. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after purchasing an additional 184,111 shares in the last quarter. Aspiring Ventures LLC acquired a new stake in shares of Planet Labs PBC during the fourth quarter worth approximately $849,000. Barclays PLC increased its holdings in shares of Planet Labs PBC by 25.0% during the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after buying an additional 65,181 shares in the last quarter. State Street Corp raised its stake in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after acquiring an additional 230,076 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after acquiring an additional 689,888 shares during the last quarter. 41.71% of the stock is 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.