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

Shares of Planet Labs PBC (NYSE:PL) traded down 10.9% during mid-day trading on Monday . The company traded as low as $3.56 and last traded at $3.55. 2,262,959 shares changed hands 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.

Analyst Upgrades and Downgrades

Several research firms recently commented on PL. Benchmark boosted their target price on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Citigroup raised their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price target on the stock. Needham & Company LLC lifted their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Trading Up 4.3 %

The firm has a market cap of $1.19 billion, a PE ratio of -9.74 and a beta of 1.45. The firm has a fifty day simple moving average of $4.87 and a two-hundred day simple moving average of $3.58.

Hedge Funds Weigh In On Planet Labs PBC

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

Planet Labs PBC Company Profile

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.