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

Planet Labs PBC (NYSE:PL) gapped down before the market opened on Monday . The stock had previously closed at $3.46, but opened at $3.25. Planet Labs PBC shares last traded at $3.33, with a volume of 746,529 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PL. Northland Securities upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Thursday, January 30th. Needham & Company LLC reiterated a “buy” rating and set a $8.00 price target on shares of Planet Labs PBC in a research note on Monday, March 24th. Finally, JMP Securities boosted their price target on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $6.27.

Planet Labs PBC Stock Performance

The stock has a market cap of $1.00 billion, a PE ratio of -8.26 and a beta of 1.45. The firm’s 50-day moving average is $4.89 and its 200 day moving average is $3.73.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. During the same period in the previous year, the company posted ($0.06) earnings per share. On average, sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC grew its position in Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after buying an additional 6,072 shares during the last quarter. Monterey Private Wealth Inc. purchased a new stake in Planet Labs PBC during the fourth quarter worth about $40,000. Wedbush Securities Inc. acquired a new stake in shares of Planet Labs PBC in the 4th quarter worth approximately $41,000. SBI Securities Co. Ltd. purchased a new stake in shares of Planet Labs PBC in the 4th quarter worth about $42,000. Finally, Sciencast Management LP purchased a new position in Planet Labs PBC during the 4th quarter valued at about $43,000. 41.71% of the stock is currently owned by hedge funds and other 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.