Planet Labs PBC (NYSE:PL) Trading Down 4.4% – Here’s Why

Planet Labs PBC (NYSE:PL) dropped 4.4% during trading on Wednesday . The stock traded as low as $4.46 and last traded at $4.47. Approximately 3,076,407 shares were traded during mid-day 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 Analysts Forecast Growth

PL has been the subject of a number of research analyst reports. Citigroup lifted their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. JMP Securities restated a “market outperform” rating and issued a $4.50 target price (up previously from $4.00) on shares of Planet Labs PBC in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft boosted their target price on 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 restated a “buy” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, January 17th. Finally, Craig Hallum lifted their price target on Planet Labs PBC from $2.50 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.33.

Planet Labs PBC Price Performance

The company has a market capitalization of $1.32 billion, a PE ratio of -10.82 and a beta of 1.32. The company has a 50 day moving average of $3.89 and a two-hundred day moving average of $2.84.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after buying an additional 689,888 shares during the last quarter. State Street Corp boosted its position in shares of Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after buying an additional 230,076 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position 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 purchasing an additional 400,000 shares during the last quarter. Franklin Resources Inc. boosted its position in Planet Labs PBC by 4.1% in the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock worth $4,105,000 after purchasing an additional 71,719 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Planet Labs PBC by 13.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock worth $3,864,000 after purchasing an additional 201,084 shares during the last quarter. 41.71% of the stock is owned by 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.