Planet Labs PBC (NYSE:PL) Stock Price Down 7% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares were down 7% during trading on Tuesday . The company traded as low as $28.54 and last traded at $28.7050. Approximately 6,173,802 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 13,690,775 shares. The stock had previously closed at $30.86.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PL shares. Cantor Fitzgerald lifted their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Citigroup upped their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research note on Monday, June 15th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $22.00 target price on shares of Planet Labs PBC in a report on Thursday, June 11th. Finally, Needham & Company LLC boosted their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Down 7.0%

The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The business has a 50-day simple moving average of $36.75 and a 200-day simple moving average of $30.24. The company has a market cap of $10.23 billion, a PE ratio of -25.18 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC’s revenue for the quarter was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Planet Labs PBC will post -0.65 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC purchased a new position in Planet Labs PBC during the second quarter valued at $227,000. Western Wealth Management LLC purchased a new stake in shares of Planet Labs PBC during the first quarter worth about $28,000. Oddo BHF Asset Management Sas acquired a new position in shares of Planet Labs PBC during the 1st quarter worth about $5,472,000. Amundi lifted its stake in Planet Labs PBC by 30.7% in the 1st quarter. Amundi now owns 20,280 shares of the company’s stock valued at $567,000 after buying an additional 4,765 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock valued at $83,000 after buying an additional 2,102 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.