Planet Labs PBC (NYSE:PL) Sees Unusually-High Trading Volume – Time to Buy?

Planet Labs PBC (NYSE:PL) shares saw an uptick in trading volume on Tuesday . 4,426,412 shares were traded during mid-day trading, an increase of 131% from the previous session’s volume of 1,918,587 shares.The stock last traded at $4.87 and had previously closed at $4.51.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PL shares. Craig Hallum increased their price objective on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. Needham & Company LLC reduced their price target on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a report on Thursday, September 26th. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, The Goldman Sachs Group dropped their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Stock Performance

The stock has a 50-day simple moving average of $2.58 and a 200 day simple moving average of $2.28. The stock has a market capitalization of $1.26 billion, a P/E ratio of -10.36 and a beta of 1.33.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. Equities analysts predict that Planet Labs PBC will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PL. Vanguard Group Inc. increased its holdings in Planet Labs PBC by 1.4% in the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after acquiring an additional 6,215 shares during the period. Virtu Financial LLC bought a new position in Planet Labs PBC during the 1st quarter worth approximately $52,000. SG Americas Securities LLC grew its holdings in Planet Labs PBC by 234.6% during the second quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after purchasing an additional 31,160 shares during the period. Finally, Perkins Coie Trust Co bought a new stake in Planet Labs PBC in the second quarter valued at approximately $28,000. Institutional investors and hedge funds 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.