Planet Labs PBC (NYSE:PL) Shares Gap Down – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $20.60, but opened at $19.80. Planet Labs PBC shares last traded at $20.3570, with a volume of 1,275,790 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PL shares. Northland Securities set a $17.00 price target on Planet Labs PBC in a research report on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Finally, Citigroup assumed coverage on shares of Planet Labs PBC in a research report on Thursday, December 11th. They set a “buy” rating and a $19.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.74.

Planet Labs PBC Stock Up 0.7%

The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of -49.23 and a beta of 2.00. The firm has a 50-day moving average of $13.47 and a 200 day moving average of $9.93. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28.

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

Insiders Place Their Bets

In related news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction on Monday, October 13th. The shares were sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares of the company’s stock, valued at $19,977,066.50. The trade was a 5.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Planet Labs PBC by 9.7% in the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after purchasing an additional 1,637,880 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after acquiring an additional 20,400 shares in the last quarter. Barclays PLC grew its position in shares of Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after acquiring an additional 3,293,333 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Planet Labs PBC by 51.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock valued at $48,103,000 after acquiring an additional 1,252,782 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after acquiring an additional 2,506,595 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

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.