Planet Labs PBC (NYSE:PL) Short Interest Down 16.1% in October

Planet Labs PBC (NYSE:PL - Get Free Report) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 6,370,000 shares, a decrease of 16.1% from the September 30th total of 7,590,000 shares. Based on an average daily trading volume, of 2,400,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 3.3% of the company's stock are sold short.

Analyst Upgrades and Downgrades

PL has been the topic of several recent analyst reports. Craig Hallum upped their target price on Planet Labs PBC from $2.00 to $2.50 and gave the company a "hold" rating in a research report on Friday, September 6th. The Goldman Sachs Group dropped their target price on shares of Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating on the stock in a research report on Tuesday, September 10th. Wedbush reaffirmed an "outperform" rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. JMP Securities reissued a "market outperform" rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. Finally, Needham & Company LLC cut their price objective on Planet Labs PBC from $7.00 to $5.00 and set a "buy" rating on the stock in a report on Friday, September 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $3.93.

Planet Labs PBC Stock Up 2.4 %

Shares of PL stock traded up $0.06 on Monday, hitting $2.36. The company had a trading volume of 1,710,482 shares, compared to its average volume of 1,724,524. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $2.89. The firm has a market cap of $684.77 million, a P/E ratio of -4.91 and a beta of 0.98. The company has a 50-day moving average price of $2.29 and a 200-day moving average price of $2.09.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to analyst estimates of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. Equities research analysts expect that Planet Labs PBC will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Planet Labs PBC during the 2nd quarter valued at about $632,000. Vanguard Group Inc. raised its position in Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company's stock worth $47,270,000 after acquiring an additional 261,019 shares during the period. PEAK6 Investments LLC lifted its holdings in Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company's stock valued at $765,000 after purchasing an additional 207,558 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Planet Labs PBC by 52.2% in the second quarter. Renaissance Technologies LLC now owns 600,800 shares of the company's stock valued at $1,117,000 after purchasing an additional 206,000 shares during the period. Finally, Squarepoint Ops LLC increased its stake in shares of Planet Labs PBC by 343.7% during the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company's stock worth $320,000 after purchasing an additional 133,307 shares in the last quarter. Hedge funds and other 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.