Planet Labs PBC (NYSE:PL) Shares Down 9.1% – Should You Sell?

Planet Labs PBC (NYSE:PL) shares fell 9.1% during trading on Monday . The company traded as low as $27.25 and last traded at $28.0490. 15,706,384 shares traded hands during trading, an increase of 14% from the average session volume of 13,759,956 shares. The stock had previously closed at $30.86.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PL. Morgan Stanley increased their target price on 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. National Bank Financial set a $12.30 price target on Planet Labs PBC in a research report on Tuesday, December 16th. Deutsche Bank Aktiengesellschaft upped their price target on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Craig Hallum reiterated a “buy” rating and set a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Finally, Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Planet Labs PBC has an average rating of “Hold” and a consensus price target of $27.25.

Planet Labs PBC Trading Down 9.1%

The business’s 50-day simple moving average is $25.76 and its two-hundred day simple moving average is $18.87. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The company has a market capitalization of $8.80 billion, a PE ratio of -35.96 and a beta of 1.95.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). The business had revenue of $86.82 million for the quarter, compared to analysts’ expectations of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The firm’s revenue for the quarter was up 41.1% compared to the same quarter last year. On average, analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Vijaya Gadde sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director owned 250,169 shares of the company’s stock, valued at approximately $6,697,024.13. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristen Robinson sold 47,835 shares of Planet Labs PBC stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the completion of the sale, the director owned 222,897 shares of the company’s stock, valued at approximately $6,009,303.12. This trade represents a 17.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 218,566 shares of company stock worth $5,896,276 in the last three months. 17.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PL. Parkside Financial Bank & Trust increased its position in shares of Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after purchasing an additional 745 shares during the last quarter. MCF Advisors LLC bought a new position in shares of Planet Labs PBC during the third quarter worth about $32,000. Baillie Gifford & Co. acquired a new position in Planet Labs PBC in the fourth quarter worth about $32,000. Larson Financial Group LLC acquired a new position in Planet Labs PBC in the third quarter worth about $39,000. Finally, GAMMA Investing LLC increased its holdings in Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after buying an additional 1,195 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

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.