Planet Labs PBC (NYSE:PL) Shares Down 4.7% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price fell 4.7% on Wednesday . The company traded as low as $31.54 and last traded at $31.5570. Approximately 11,437,489 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 13,814,338 shares. The stock had previously closed at $33.13.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PL shares. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Wedbush started coverage on shares of Planet Labs PBC in a research report on Wednesday. They set an “outperform” rating and a $50.00 price target on the stock. Zacks Research lowered shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Cantor Fitzgerald upped their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Finally, Morgan Stanley raised their price objective on 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. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $35.11.

Planet Labs PBC Price Performance

The company has a 50-day moving average of $37.32 and a 200-day moving average of $29.86. 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 has a market capitalization of $11.25 billion, a price-to-earnings ratio of -27.68 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $90.39 million. Planet Labs PBC’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, research analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PL. AQR Capital Management LLC raised its position in Planet Labs PBC by 671.1% in the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after buying an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Planet Labs PBC during the 1st quarter worth approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Planet Labs PBC by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after acquiring an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after acquiring an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Planet Labs PBC in the second quarter valued at approximately $121,000. 41.71% of the stock is 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.