Planet Labs PBC (NYSE:PL) Stock Price Down 5% - Time to Sell?

Planet Labs PBC (NYSE:PL - Get Free Report) dropped 5% on Friday . The stock traded as low as $2.81 and last traded at $2.85. Approximately 474,051 shares were traded during trading, a decline of 73% from the average daily volume of 1,765,522 shares. The stock had previously closed at $3.00.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a "buy" rating on the stock in a report on Tuesday, September 10th. JMP Securities reaffirmed a "market outperform" rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research note on Thursday, September 26th. Needham & Company LLC dropped their target price on shares of Planet Labs PBC from $7.00 to $5.00 and set a "buy" rating for the company in a research report on Friday, September 6th. Craig Hallum lifted their price target on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a "hold" rating in a research report on Friday, September 6th. Finally, Wedbush reissued an "outperform" rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Planet Labs PBC currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.93.

Planet Labs PBC Stock Down 4.0 %

The firm has a market cap of $845.22 million, a price-to-earnings ratio of -6.23 and a beta of 0.97. The stock's 50 day moving average is $2.26 and its 200 day moving average is $2.15.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. The firm had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Analysts anticipate that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PL. Perkins Coie Trust Co acquired a new position in Planet Labs PBC during the second quarter valued at $28,000. Algert Global LLC acquired a new position in shares of Planet Labs PBC in the 2nd quarter valued at about $38,000. Valeo Financial Advisors LLC purchased a new stake in shares of Planet Labs PBC in the third quarter worth approximately $45,000. Vontobel Holding Ltd. boosted its holdings in shares of Planet Labs PBC by 81.5% during the third quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after purchasing an additional 10,000 shares during the period. Finally, Virtu Financial LLC purchased a new position in Planet Labs PBC during the first quarter valued at approximately $52,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.

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