Planet Labs PBC (NYSE:PL) Shares Down 2.4% – What’s Next?

Shares of Planet Labs PBC (NYSE:PL) dropped 2.4% on Monday . The stock traded as low as $30.11 and last traded at $30.3990. Approximately 14,793,685 shares changed hands during trading, an increase of 10% from the average daily volume of 13,474,134 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

PL has been the subject of several recent analyst reports. Cantor Fitzgerald raised their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Morgan Stanley increased their price target on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a research report on Monday. Needham & Company LLC increased their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Finally, Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Stock Up 0.0%

The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The stock’s fifty day simple moving average is $38.60 and its 200-day simple moving average is $28.83. The stock has a market cap of $10.06 billion, a P/E ratio of -24.75 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. On average, research analysts anticipate that Planet Labs PBC will post -0.81 earnings per share for the current year.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently made changes to their positions in the company. Pittenger & Anderson Inc. increased its stake in shares of Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after purchasing an additional 395 shares during the period. Wellington Shields & Co. LLC increased its stake in shares of Planet Labs PBC by 2.8% in the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock valued at $311,000 after purchasing an additional 435 shares during the period. Xponance LLC increased its stake in shares of Planet Labs PBC by 3.1% in the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock valued at $368,000 after purchasing an additional 555 shares during the period. Wealthfront Advisers LLC increased its stake in shares of Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after purchasing an additional 657 shares during the period. Finally, KBC Group NV increased its stake in shares of Planet Labs PBC by 7.1% in the first quarter. KBC Group NV now owns 9,985 shares of the company’s stock valued at $279,000 after purchasing an additional 661 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.