Planet Labs PBC (NYSE:PL) Shares Down 4% – Time to Sell?

Planet Labs PBC (NYSE:PL) dropped 4% during trading on Wednesday . The company traded as low as $26.78 and last traded at $26.8920. Approximately 4,079,835 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 14,085,694 shares. The stock had previously closed at $28.00.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Planet Labs PBC in a research note on Thursday, December 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. JMP Securities restated a “market perform” rating on shares of Planet Labs PBC in a research report on Tuesday, October 21st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $16.40 target price on shares of Planet Labs PBC in a report on Tuesday. Finally, Needham & Company LLC lifted their price target on Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two 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 a consensus price target of $20.64.

Planet Labs PBC Stock Down 7.9%

The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of -61.90 and a beta of 1.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The firm’s fifty day moving average price is $17.57 and its 200-day moving average price is $12.49.

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

Insider Activity

In related news, insider Robert H. Schingler sold 73,782 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $19.35, for a total value of $1,427,681.70. Following the completion of the transaction, the insider owned 1,164,729 shares in the company, valued at $22,537,506.15. This trade represents a 5.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after acquiring an additional 3,293,333 shares during the last quarter. Invesco Ltd. increased its holdings in Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after purchasing an additional 2,506,595 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Planet Labs PBC by 245.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after purchasing an additional 1,743,474 shares during the last quarter. Two Sigma Investments LP lifted its holdings in Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after buying an additional 1,701,535 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after buying an additional 1,637,880 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.