Planet Labs PBC (NYSE:PL) Trading Down 8.2% – What’s Next?

Planet Labs PBC (NYSE:PL)’s share price fell 8.2% during mid-day trading on Wednesday . The company traded as low as $26.26 and last traded at $26.1780. 5,321,781 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 13,504,233 shares. The stock had previously closed at $28.53.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PL. Wedbush reaffirmed an “outperform” rating and set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Cantor Fitzgerald boosted their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Weiss Ratings raised shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 11th. Finally, Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.11.

Planet Labs PBC Price Performance

The firm has a market capitalization of $9.31 billion, a PE ratio of -22.77 and a beta of 1.99. 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 business’s 50 day moving average is $38.06 and its two-hundred day moving average is $29.30.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The company’s revenue was up 42.1% compared to the same quarter last year. As a group, research analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current year.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pittenger & Anderson Inc. lifted its position in Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares in the last quarter. Wellington Shields & Co. LLC grew 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 worth $311,000 after acquiring an additional 435 shares during the period. Xponance LLC raised its holdings in shares of Planet Labs PBC by 3.1% during 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 last quarter. Wealthfront Advisers LLC lifted its position in Planet Labs PBC by 5.4% during 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 boosted its holdings in Planet Labs PBC by 7.1% in the first quarter. KBC Group NV now owns 9,985 shares of the company’s stock worth $279,000 after purchasing an additional 661 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.