Planet Labs PBC (NYSE:PL) Shares Down 10.9% – Time to Sell?

Planet Labs PBC (NYSE:PL) fell 10.9% during trading on Monday . The company traded as low as $3.56 and last traded at $3.55. 2,262,959 shares were traded during mid-day trading, a decline of 28% from the average session volume of 3,123,364 shares. The stock had previously closed at $3.98.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PL. Benchmark raised their price target on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Northland Securities upped their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group lifted their target price on Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Up 4.3 %

The business has a fifty day simple moving average of $4.87 and a two-hundred day simple moving average of $3.58. The company has a market cap of $1.19 billion, a P/E ratio of -9.74 and a beta of 1.45.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp raised its position in Planet Labs PBC by 45.7% in the third quarter. Van ECK Associates Corp now owns 151,158 shares of the company’s stock worth $345,000 after acquiring an additional 47,390 shares during the period. King Luther Capital Management Corp raised its holdings in Planet Labs PBC by 13.8% in the 3rd quarter. King Luther Capital Management Corp now owns 455,000 shares of the company’s stock worth $1,015,000 after purchasing an additional 55,000 shares during the period. Intech Investment Management LLC purchased a new position in Planet Labs PBC during the third quarter valued at $135,000. Charles Schwab Investment Management Inc. increased 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 buying an additional 201,084 shares in the last quarter. Finally, Penserra Capital Management LLC raised its stake in shares of Planet Labs PBC by 16.5% in the third quarter. Penserra Capital Management LLC now owns 554,332 shares of the company’s stock worth $1,236,000 after buying an additional 78,410 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.