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

Planet Labs PBC (NYSE:PL - Get Free Report) shares gapped down before the market opened 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 traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PL. JMP Securities raised their price target on Planet Labs PBC from $4.50 to $6.50 and gave the company a "market outperform" rating in a research note on Thursday, January 30th. Northland Securities raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Benchmark lifted their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a report on Friday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.98.

Planet Labs PBC Stock Down 5.8 %

The business has a fifty day moving average price of $4.41 and a 200-day moving average price of $3.81. The company has a market cap of $956.62 million, a P/E ratio of -7.72 and a beta of 1.56.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. During the same period in the prior year, the company earned ($0.06) earnings per share. As a group, research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Planet Labs PBC

Several institutional investors have recently made changes to their positions in PL. Vanguard Group Inc. grew its stake in Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock worth $64,448,000 after buying an additional 397,153 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Planet Labs PBC by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company's stock worth $19,961,000 after acquiring an additional 69,245 shares in the last quarter. State Street Corp increased its stake in 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. ArrowMark Colorado Holdings LLC raised its position in Planet Labs PBC by 14.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company's stock valued at $8,399,000 after purchasing an additional 261,958 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Planet Labs PBC by 101.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after purchasing an additional 1,013,234 shares in the last quarter. 41.71% of the stock is currently 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.