Planet Labs PBC (NYSE:PL) Stock Price Down 1.6% – What’s Next?

Planet Labs PBC (NYSE:PL) shares were down 1.6% during trading on Monday . The stock traded as low as $30.61 and last traded at $30.8680. Approximately 10,216,328 shares traded hands during trading, a decline of 26% from the average daily volume of 13,757,982 shares. The stock had previously closed at $31.38.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Craig Hallum increased their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Wedbush started coverage on Planet Labs PBC in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective on the stock. Citigroup upped their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Finally, New Street Research began coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Price Performance

The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of -24.32 and a beta of 2.06. 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 business has a 50 day moving average price of $36.62 and a 200-day moving average price of $30.32.

Planet Labs PBC (NYSE:PL) last released 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 return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. The business’s quarterly revenue was up 42.1% compared to the same quarter last year. Research analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after purchasing an additional 80,672 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Planet Labs PBC during the 1st quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Planet Labs PBC by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after buying an additional 8,143 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Planet Labs PBC by 54.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after buying an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. bought a new stake in Planet Labs PBC in the 2nd quarter valued at about $121,000. 41.71% of the stock is owned by institutional investors.

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.