Planet Labs PBC (NYSE:PL) Shares Gap Down Following Weak Earnings

Planet Labs PBC (NYSE:PL - Get Free Report) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. 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) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The company had revenue of $61.55 million for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted ($0.06) earnings per share.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PL. Needham & Company LLC restated a "buy" rating and issued a $8.00 target price on shares of Planet Labs PBC in a research note on Monday. JMP Securities upped their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a "market outperform" rating in a research report on Thursday, January 30th. Benchmark lifted 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. Citigroup increased their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a report on Monday, December 16th. Finally, The Goldman Sachs Group lifted their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the stock a "buy" rating in a report on Monday, February 3rd. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC currently has an average rating of "Buy" and a consensus price target of $6.27.

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Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PL. Sterling Capital Management LLC raised its position in shares of Planet Labs PBC by 790.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock valued at $28,000 after acquiring an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. bought a new stake in Planet Labs PBC during the fourth quarter valued at $40,000. Wedbush Securities Inc. acquired a new stake in shares of Planet Labs PBC during the fourth quarter worth $41,000. SBI Securities Co. Ltd. bought a new position in shares of Planet Labs PBC in the 4th quarter worth about $42,000. Finally, Sciencast Management LP bought a new position in shares of Planet Labs PBC in the 4th quarter worth about $43,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

The company's fifty day moving average price is $4.88 and its 200 day moving average price is $3.67. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.93 and a beta of 1.45.

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.