Short Interest in Planet Labs PBC (NYSE:PL) Grows By 21.5%

by · The Cerbat Gem

Planet Labs PBC (NYSE:PL – Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 8,010,000 shares, an increase of 21.5% from the March 15th total of 6,590,000 shares. Based on an average trading volume of 5,700,000 shares, the short-interest ratio is presently 1.4 days. Approximately 4.0% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark boosted their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Thursday, January 30th. Northland Securities lifted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, JMP Securities upped their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.98.

View Our Latest Stock Report on Planet Labs PBC

Institutional Investors Weigh In On Planet Labs PBC

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

Planet Labs PBC Stock Down 8.4 %

PL traded down $0.27 during trading on Monday, reaching $2.96. The stock had a trading volume of 3,150,007 shares, compared to its average volume of 3,507,086. The stock has a 50 day moving average of $4.11 and a two-hundred day moving average of $3.85. The firm has a market capitalization of $894.66 million, a price-to-earnings ratio of -7.22 and a beta of 1.56. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.71.

Planet Labs PBC (NYSE:PL – Get Free Report) last issued its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. On average, research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Planet Labs PBC Company Profile

(Get Free Report)

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.

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