Planet Labs PBC (NYSE:PL) Stock Price Down 8.3% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares dropped 8.3% during mid-day trading on Wednesday . The stock traded as low as $25.54 and last traded at $26.1730. 12,315,521 shares were traded during mid-day trading, a decline of 9% from the average session volume of 13,567,072 shares. The stock had previously closed at $28.53.

Analyst Ratings Changes

Several brokerages recently weighed in on PL. Citigroup upped their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Wedbush reiterated an “outperform” rating and issued a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. Cantor Fitzgerald boosted their target price 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. Weiss Ratings raised shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Finally, Morgan Stanley raised their price target on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Down 8.3%

The stock has a market capitalization of $9.33 billion, a price-to-earnings ratio of -22.96 and a beta of 1.99. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The stock has a 50 day moving average price of $38.06 and a 200 day moving average price of $29.30.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The company’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.

Insider Transactions at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction that occurred on 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 $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently modified their holdings of PL. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC during the 1st quarter worth approximately $28,000. Oddo BHF Asset Management Sas acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth approximately $5,472,000. Amundi increased its stake in shares of Planet Labs PBC by 30.7% in the 1st quarter. Amundi now owns 20,280 shares of the company’s stock valued at $567,000 after acquiring an additional 4,765 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company’s stock valued at $83,000 after acquiring an additional 2,102 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Planet Labs PBC by 22.6% during the 1st quarter. California State Teachers Retirement System now owns 285,952 shares of the company’s stock valued at $7,992,000 after acquiring an additional 52,806 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.