Planet Labs PBC (NYSE:PL) Short Interest Up 21.5% in March

Planet Labs PBC (NYSE:PL - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 8,010,000 shares, an increase of 21.5% from the March 15th total of 6,590,000 shares. Currently, 4.0% of the company's stock are short sold. Based on an average daily trading volume, of 5,700,000 shares, the days-to-cover ratio is currently 1.4 days.

Planet Labs PBC Stock Performance

Shares of PL traded up $0.23 during midday trading on Thursday, hitting $3.34. 2,566,421 shares of the company traded hands, compared to its average volume of 3,521,727. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.71. The firm has a 50 day moving average of $3.92 and a 200-day moving average of $3.85. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -8.11 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $61.55 million for the quarter, compared to analysts' expectations of $61.89 million. During the same period last year, the company earned ($0.06) earnings per share. Sell-side analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Large investors have recently made changes to their positions in the business. Sterling Capital Management LLC increased its stake in Planet Labs PBC by 790.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after acquiring an additional 6,072 shares during the last quarter. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC during the 4th quarter valued at approximately $40,000. Wedbush Securities Inc. purchased a new stake in Planet Labs PBC during the 4th quarter valued at $41,000. SBI Securities Co. Ltd. bought a new stake in Planet Labs PBC in the fourth quarter worth $42,000. Finally, Sciencast Management LP bought a new stake in Planet Labs PBC in the fourth quarter worth $43,000. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on PL. JMP Securities increased their target price 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. Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price objective for the company in a report on Thursday, January 30th. Needham & Company LLC reissued a "buy" rating and issued a $8.00 target price on shares of Planet Labs PBC in a research report on Monday, March 24th. Northland Securities raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Benchmark lifted their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $5.98.

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.