Planet Labs PBC (NYSE:PL) Shares Down 5.6% – Time to Sell?

Planet Labs PBC (NYSE:PL)’s stock price fell 5.6% during trading on Friday . The company traded as low as $19.28 and last traded at $19.1870. 1,588,176 shares changed hands during trading, a decline of 82% from the average session volume of 8,820,910 shares. The stock had previously closed at $20.32.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Planet Labs PBC in a research note on Thursday, December 11th. The Goldman Sachs Group reiterated a “neutral” rating on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Finally, Citizens Jmp lowered shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 21st. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.74.

Planet Labs PBC Stock Performance

The firm’s 50 day moving average price is $13.83 and its 200-day moving average price is $10.18. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -46.25 and a beta of 2.00. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.17). The business had revenue of $81.25 million for the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The company’s quarterly revenue was up 32.6% on a year-over-year basis. On average, analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 81,656 shares of the company’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $15.50, for a total value of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares in the company, valued at $19,977,066.50. This represents a 5.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 17.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its stake in Planet Labs PBC by 2.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after purchasing an additional 781 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Planet Labs PBC by 3.6% in the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after buying an additional 896 shares in the last quarter. Ariadne Wealth Management LP raised its position in shares of Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after buying an additional 905 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of Planet Labs PBC by 4.5% in the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock valued at $281,000 after buying an additional 925 shares during the period. Finally, 180 Wealth Advisors LLC boosted its stake in shares of Planet Labs PBC by 0.8% in the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock valued at $1,908,000 after buying an additional 1,114 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.