Planet Labs PBC (NYSE:PL) Stock Price Down 4.7% – Should You Sell?

Shares of Planet Labs PBC (NYSE:PL) traded down 4.7% during trading on Thursday . The company traded as low as $19.65 and last traded at $19.0440. 2,206,580 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 11,870,719 shares. The stock had previously closed at $19.99.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PL. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. New Street Research initiated coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 target price on the stock. The Goldman Sachs Group raised their price target on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.56.

Planet Labs PBC Stock Down 8.8%

The company has a market cap of $6.50 billion, a PE ratio of -15.99 and a beta of 2.10. The stock’s 50 day moving average price is $24.00 and its 200-day moving average price is $30.15. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company 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 business’s quarterly revenue was up 42.1% on a year-over-year basis. On average, analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the sale, the director owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. The trade was a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert H. Schingler sold 25,000 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the sale, the insider owned 225,171 shares of the company’s stock, valued at $5,836,432.32. This represents a 9.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 171,122 shares of company stock worth $4,148,906 over the last three months. Company insiders own 16.42% of the company’s stock.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pittenger & Anderson Inc. increased its stake in shares of Planet Labs PBC by 40.9% during 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 in the last quarter. Wellington Shields & Co. LLC boosted its position in shares of Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after purchasing an additional 435 shares in the last quarter. Xponance LLC grew its stake in shares of Planet Labs PBC by 3.1% in the 4th quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after buying an additional 555 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of Planet Labs PBC by 5.4% in the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock worth $251,000 after buying an additional 657 shares during the last quarter. Finally, KBC Group NV increased its position in Planet Labs PBC by 7.1% during the 1st quarter. KBC Group NV now owns 9,985 shares of the company’s stock valued at $279,000 after buying an additional 661 shares in the last quarter. 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.