Planet Labs PBC (NYSE:PL) Stock Price Drops 8.8% - Is it Time to Sell?

On Tuesday, mid-day trading saw shares of Planet Labs PBC (NYSE:PL - Get Free Report) experience a significant decline of 8.8%. The stock price fell to as low as $3.86 before closing at $3.88. During the trading session, approximately 1,819,184 shares exchanged hands, representing a 41% drop compared to the average daily trading volume of 3,061,211 shares. The stock had previously closed at $4.25.

Wall Street Analysts Forecast Growth

Analysts have expressed positive sentiment towards Planet Labs PBC, with multiple research reports highlighting the company's potential for growth. On January 30th, Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating, establishing a price target of $7.00. Cantor Fitzgerald started coverage on January 24th with an "overweight" rating and a price target of $6.30. Furthermore, Benchmark raised their target price from $4.00 to $7.00, endorsing a "buy" rating on February 5th. Other notable upgrades include Deutsche Bank, which increased their target from $4.00 to $4.50, and JMP Securities, raising their target from $4.50 to $6.50. Overall, ten analysts have given the stock a buy rating, with a consensus price target set at $6.27, according to data from MarketBeat.

Current Stock Performance

Currently, Planet Labs PBC's stock is trading below its 50-day simple moving average of $4.90 and its 200-day moving average of $3.53. The company has a market capitalization of $1.22 billion, a price-to-earnings (P/E) ratio of -9.99, and a beta of 1.40, indicating a level of volatility in the stock price.

Institutional Trading Activity

Recent trading activity reveals increased participation from institutional investors. Xponance Inc. raised its stake in Planet Labs PBC by 12.0%, owning 14,959 shares valued at $60,000 after acquiring an additional 1,608 shares. Similarly, Summit Investment Advisors Inc. increased its holdings by 19.9%, now owning 22,577 shares valued at $91,000 following a purchase of 3,753 shares. Other institutions such as MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. and Sterling Capital Management LLC also boosted their stakes significantly in the last quarter. Notably, institutional investors now control 41.71% of Planet Labs PBC's shares.

About Planet Labs PBC

Planet Labs PBC specializes in designing, constructing, and launching satellite constellations to provide high-frequency geospatial data to customers globally via an online platform. The offerings include planet monitoring, basemap services, tasking, user applications, and analytics focused on planetary variables.

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