Planet Labs PBC (NYSE:PL) Stock Price Down 7.6% – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price fell 7.6% during trading on Tuesday . The stock traded as low as $27.04 and last traded at $28.2460. 23,143,217 shares changed hands during mid-day trading, an increase of 71% from the average session volume of 13,542,027 shares. The stock had previously closed at $30.58.

Analyst Ratings Changes

Several analysts have weighed in on PL shares. New Street Research began coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 target price on the stock. Cantor Fitzgerald raised their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Morgan Stanley lifted their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 25th. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 11th. Finally, Craig Hallum upped their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Performance

The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The firm’s 50 day simple moving average is $38.60 and its 200 day simple moving average is $28.83. The firm has a market capitalization of $10.04 billion, a price-to-earnings ratio of -24.72 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. The business’s revenue was up 42.1% compared to the same quarter last year. Sell-side analysts forecast that Planet Labs PBC will post -0.81 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’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 sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 16.42% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth approximately $28,000. Western Wealth Management LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter valued at $28,000. Parkside Financial Bank & Trust boosted its holdings in Planet Labs PBC by 92.5% during the fourth 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. Baillie Gifford & Co. purchased a new stake in Planet Labs PBC during the fourth quarter worth $32,000. Finally, Pittenger & Anderson Inc. grew its position in 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 buying an additional 395 shares during the period. 41.71% of the stock is 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.