Planet Labs PBC (NYSE:PL) Trading Down 7.4% - Time to Sell?

Planet Labs PBC (NYSE:PL - Get Free Report) shares traded down 7.4% during trading on Wednesday . The company traded as low as $5.76 and last traded at $5.73. 3,724,491 shares changed hands during trading, a decline of 42% from the average session volume of 6,468,566 shares. The stock had previously closed at $6.19.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PL. Needham & Company LLC lifted their price objective on Planet Labs PBC from $5.00 to $8.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Craig Hallum raised 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. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research report on Friday, January 24th. They issued an "overweight" rating and a $6.30 price objective on the stock. The Goldman Sachs Group lifted their target price on shares of Planet Labs PBC from $5.00 to $6.40 and gave the company a "buy" rating in a research report on Monday, February 3rd. Finally, Northland Securities increased their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $6.27.

Planet Labs PBC Stock Down 8.9 %

The stock has a market cap of $1.47 billion, a PE ratio of -12.11 and a beta of 1.40. The company has a fifty day moving average price of $4.85 and a 200 day moving average price of $3.43.

Institutional Investors Weigh In On Planet Labs PBC

A number of large investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC lifted its holdings in Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company's stock worth $4,052,000 after buying an additional 400,000 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Planet Labs PBC by 90.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock valued at $866,000 after purchasing an additional 184,111 shares during the period. Aspiring Ventures LLC bought a new stake in shares of Planet Labs PBC during the fourth quarter valued at approximately $849,000. Barclays PLC grew its stake in Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company's stock worth $728,000 after purchasing an additional 65,181 shares during the period. Finally, State Street Corp grew 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 worth $9,528,000 after purchasing an additional 230,076 shares during the period. Institutional investors 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.