Planet Labs PBC (NYSE:PL) Trading Down 4.4% - Here's Why

Planet Labs PBC (NYSE:PL - Get Free Report) shares were down 4.4% on Wednesday . The company traded as low as $4.46 and last traded at $4.47. Approximately 3,076,407 shares were traded during trading, a decline of 13% from the average daily volume of 3,522,225 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PL shares. Craig Hallum upped their price target on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a "hold" rating in a report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a "buy" rating in a research report on Tuesday, December 17th. Needham & Company LLC reissued a "buy" rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, January 17th. Citigroup increased their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a research report on Monday, December 16th. Finally, JMP Securities restated a "market outperform" rating and issued a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $4.33.

Planet Labs PBC Stock Performance

The firm's fifty day simple moving average is $3.89 and its 200-day simple moving average is $2.84. The stock has a market cap of $1.32 billion, a P/E ratio of -10.82 and a beta of 1.32.

Institutional Trading of Planet Labs PBC

Hedge funds have recently bought and sold shares of the business. Algert Global LLC purchased a new stake in Planet Labs PBC in the 2nd quarter worth about $38,000. Monterey Private Wealth Inc. purchased a new stake in Planet Labs PBC in the 4th quarter worth about $40,000. Valeo Financial Advisors LLC purchased a new stake in Planet Labs PBC in the 3rd quarter worth about $45,000. Vontobel Holding Ltd. increased its holdings in Planet Labs PBC by 81.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company's stock worth $50,000 after acquiring an additional 10,000 shares during the last quarter. Finally, PFG Investments LLC purchased a new stake in Planet Labs PBC in the 4th quarter worth about $55,000. Institutional investors and hedge funds 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.

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