Planet Labs PBC (NYSE:PL) Shares Gap Down - Here's Why

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $3.88, but opened at $3.71. Planet Labs PBC shares last traded at $3.84, with a volume of 1,150,712 shares.

Wall Street Analysts Forecast Growth

PL has been the topic of several recent research reports. Citigroup lifted their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a "buy" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday. JMP Securities reiterated a "market outperform" rating and issued a $4.50 price objective (up previously from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Craig Hallum raised their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the stock a "hold" rating in a research note on Tuesday, December 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Tuesday, December 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $4.33.

Planet Labs PBC Stock Up 4.1 %

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -9.85 and a beta of 1.34. The company's fifty day moving average is $3.11 and its two-hundred day moving average is $2.49.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in shares of Planet Labs PBC by 234.6% during the second quarter. SG Americas Securities LLC now owns 44,442 shares of the company's stock worth $83,000 after purchasing an additional 31,160 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Planet Labs PBC by 9.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 636,374 shares of the company's stock worth $1,184,000 after buying an additional 56,124 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Planet Labs PBC during the 2nd quarter worth approximately $632,000. Van ECK Associates Corp increased its position in Planet Labs PBC by 13.0% during the second quarter. Van ECK Associates Corp now owns 103,768 shares of the company's stock worth $193,000 after buying an additional 11,951 shares during the period. Finally, Rhumbline Advisers lifted its stake in Planet Labs PBC by 12.0% in the second quarter. Rhumbline Advisers now owns 268,380 shares of the company's stock valued at $499,000 after buying an additional 28,835 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

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.