Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume

Shares of Planet Labs PBC (NYSE:PL) saw unusually-strong trading volume on Monday . Approximately 668,357 shares changed hands during trading, a decline of 55% from the previous session’s volume of 1,471,922 shares.The stock last traded at $2.58 and had previously closed at $2.52.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PL shares. Craig Hallum dropped their price target on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Friday, June 7th. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Planet Labs PBC in a report on Friday, June 21st. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research note on Friday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 27th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Planet Labs PBC has a consensus rating of “Moderate Buy” and a consensus price target of $4.39.

Planet Labs PBC Stock Performance

The company has a market capitalization of $782.18 million, a P/E ratio of -5.58 and a beta of 0.99. The company’s fifty day simple moving average is $2.06 and its 200-day simple moving average is $2.07.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $60.44 million for the quarter, compared to the consensus estimate of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, sell-side analysts predict that Planet Labs PBC will post -0.4 EPS for the current year.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently modified their holdings of the company. Xponance Inc. purchased a new position in Planet Labs PBC during the 4th quarter worth $25,000. Simplicity Solutions LLC acquired a new position in shares of Planet Labs PBC during the fourth quarter valued at about $28,000. Perkins Coie Trust Co purchased a new position in shares of Planet Labs PBC in the 2nd quarter valued at approximately $28,000. Dynamic Technology Lab Private Ltd acquired a new stake in Planet Labs PBC in the 4th quarter worth approximately $34,000. Finally, Algert Global LLC purchased a new stake in Planet Labs PBC during the 2nd quarter worth approximately $38,000. 41.71% of the stock is currently 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.