Planet Labs PBC (NYSE:PL) Trading Down 8.8% - Here's What Happened

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price dropped 8.8% during mid-day trading on Tuesday . The stock traded as low as $3.86 and last traded at $3.88. Approximately 1,819,184 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 3,061,211 shares. The stock had previously closed at $4.25.

Analyst Upgrades and Downgrades

PL has been the subject of several recent research reports. Craig Hallum raised Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a report on Thursday, January 30th. Benchmark upped their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Cantor Fitzgerald began coverage on Planet Labs PBC in a research report on Friday, January 24th. They issued an "overweight" rating and a $6.30 target price for the company. Citigroup boosted their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a "buy" rating in a report on Monday, December 16th. Finally, JMP Securities increased their price objective on shares of 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. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $6.27.

Planet Labs PBC Trading Down 2.2 %

The stock has a market capitalization of $1.27 billion, a P/E ratio of -10.55 and a beta of 1.40. The firm's fifty day moving average is $4.91 and its 200-day moving average is $3.55.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. ArrowMark Colorado Holdings LLC raised its stake in shares of 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 acquiring an additional 400,000 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Planet Labs PBC by 90.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock worth $866,000 after acquiring an additional 184,111 shares during the last quarter. Aspiring Ventures LLC acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $849,000. Barclays PLC raised its stake in Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company's stock worth $728,000 after buying an additional 65,181 shares during the period. Finally, State Street Corp lifted its holdings in Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company's stock worth $9,528,000 after acquiring an additional 230,076 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

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.