Planet Labs PBC (NYSE:PL) Stock Price Down 2.9% – Time to Sell?

Planet Labs PBC (NYSE:PL)’s share price was down 2.9% on Thursday . The company traded as low as $36.33 and last traded at $38.3220. Approximately 11,889,452 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 13,856,653 shares. The stock had previously closed at $39.47.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PL shares. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the stock a “buy” rating in a research report on Friday, March 27th. Needham & Company LLC raised their price target on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Craig Hallum reissued a “buy” rating and set a $30.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Cantor Fitzgerald raised their price target on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Finally, Northland Securities set a $28.00 price target on Planet Labs PBC in a research note on Tuesday, January 13th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $29.94.

Planet Labs PBC Trading Down 2.9%

The stock’s fifty day moving average price is $29.38 and its 200 day moving average price is $21.74. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The stock has a market capitalization of $13.27 billion, a P/E ratio of -49.13 and a beta of 1.83.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The company had revenue of $86.82 million during the quarter, compared to the consensus estimate of $78.17 million. The business’s revenue was up 41.1% compared to the same quarter last year. Research analysts forecast that Planet Labs PBC will post -0.45 earnings per share for the current year.

Insider Activity at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC 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 of the company’s stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.53% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its position in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after buying an additional 745 shares in the last quarter. MCF Advisors LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter valued at about $32,000. Baillie Gifford & Co. bought a new stake in shares of Planet Labs PBC in the 4th quarter valued at about $32,000. Larson Financial Group LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter valued at about $39,000. Finally, GAMMA Investing LLC raised its holdings in shares of Planet Labs PBC by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after purchasing an additional 1,195 shares in the last quarter. Institutional investors 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.